In March management thought it needed to save $200m this year. Now it’s $470m
Vice Chancellor Michael Spence tells staff that making the required savings will be spread over this year and next.
Cuts to capex and related spending will save $159m.
But while the long-agreed 2.1 per cent annual salary increase will go ahead, casual staff will be “reviewed,” “to reflect expected student load.” With a continuing “pause” on hiring this is expected to save $90m.
Lower international student recruiting costs will keep another $23m in the kitty.
Dr Spence adds that, “as we begin to look ahead and consider what a staged return to ‘new normal’ operations might look like, so too are we considering the kind of institution we want to be as we emerge from this crisis. This will be an important conversation for all in our community over the coming weeks and months.”
At least he did not announce a taskforce.