Last year ANU VC Brian Schmidt announced no more growth in student numbers (CMM July 25 2018). The university annual report, explains why

Total international enrolments grew from 7425 in 2016 to 10 623 at the end of ’18, with revenues up over $100m between 2017 and 2018, to $1.375bn, in total income, driven by a $63m lift in fee paying “and predominantly international student revenues” which were $353m last year.

This is not an especially high proportion of overall income by Sydney-Melbourne standards. But with an underlying surplus of 7.59 per cent ($104m) and a big fund for building ANU is in a happy place and does not need to build international student numbers.

Research also earned for ANU, providing just over half its 2018 revenue, with a $78m year on year rise to $649.5m.

So, what’s it going to do with the dosh? “Invest some $550 million in new or upgraded facilities,” by 2025 is what. “The university is using its current financial strength to deliver a once in a generation renewal of many of its ageing facilities.”