University of Sydney reports $1b in revenue after sacking 223 staff

The enormous sum of cash, which largely got here from Chinese college students, has been described as “eye-watering” at a time when present employees battle for a pay rise.

The University of Sydney’s income grew by $1 billion final yr, but it laid off 223 employees as a part of a wave of job cuts within the sector introduced on by the pandemic.

It recorded its finest surplus in its 172 years, with its working income rising from $2.6 to $3.5 billion from 2020 to 2021, on the again of Chinese enrolments.

The college’s books confirmed its income from inter­nationwide scholar charges rose by practically $250 million to $1.05 billion in 2021, which accounted for practically 40 per cent of the college’s complete revenue within the yr.

It comes after the nation’s oldest college made 223 employees redundant final yr, which helped to scale back ­employee-­associated bills by practically $60 million.

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The $1 billion surplus was described as “eye-watering” by the National Tertiary Education Union NSW secretary Damien Cahill, who added college employees “will no doubt be floored by these figures”.

The union mentioned it confirmed the college had ample funds to pay for wages rises and there was no excuses for hoarding cash.

“Sydney Uni can afford a fair pay rise for staff and to fix the problem of widespread job insecurity,” Mr Cahill mentioned.

But the college’s Vice Chancellor Mark Scott mentioned the staggering end result was a one off.

“While this is a strong result, it is also a one-off result,” he mentioned.

“We are not immune from the continuing uncertain future of international higher education and the growing cost pressures currently affecting the global and Australian economies.”

Staff are at the moment negotiating with the college for a pay rise, higher job safety and to guard lecturers’ rights to dedicate 40 per cent of their time to analysis work.

A protest can be being held by employees on Tuesday to spice up indigenous employees from its present 1.1 per cent price to three per cent.

Mr Scott mentioned a part of the excess could be used to recruit extra educational {and professional} employees in addition to reward present workers.

In its annual report, the University of New South Wales additionally reported a $306 million surplus in 2021 up from a $19 million loss in 2020, whereas the University of Technology recorded income of $109 million final yr bouncing again from a $50 million loss in 2020.

Macquarie University posted a surplus of $62 million final yr making a comeback from its $55 million loss in 2020 and Western Sydney University recorded a 2021 surplus of $143 million up from a $22 million in 2020.

In Melbourne, Monash University’s revealed a $416 million 2021 surplus.

However, regardless of the efficiency of universities, the sector has dramatically shed 1000’s of jobs previously yr.

Federal authorities knowledge from April confirmed there have been 3237 fewer everlasting and fixed-term contract employees in NSW universities in 2021 in comparison with 2020.

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