Uni Newcastle sets out sources of savings    

A COVID-19 savings deal looks close but is not yet done

Management estimates the university will be down $58m this year and $38m next.

Non-staff savings to address these shortfalls include reducing faculties from five to three (no decision on makeup) and reducing “complexity and overlaps in courses.”

In terms of staff savings, management states there is in-principle agreement with campus unions on reducing leave balances and early retirement. Negotiations continue on delaying pay rises now due this September and next.

There is no word on how many jobs overall savings could protect. Nor is there mention of the National Tertiary Education Union’s proposal for an independent committee to oversight university savings.

The university has set an August 10 deadline for negotiations.

Uni Newcastle is in a strong financial position, with no external debt, $36m in cash reserves and $534m in investments, as of December last.