Auditor General's Report Confirms UNSW can afford decent conditions for staff
The NSW Auditor-General's Report into NSW universities reveals that UNSW in 2010 generated a surplus of $145.2 million. This was on top of the $74.4 million surplus UNSW generated in 2009. The 2010 surplus is $50 million more than the University itself budgeted to receive in its 2009 Annual Report.
The result puts UNSW at the top of the profitability league table of NSW universities. According to the AG's report, the next largest surplus was the $112.1 million generated at the Sydney University. The UNSW surplus alone was 24% of the total operating surplus generated by all NSW universities.
The reasons behind the large UNSW surplus include a 32.9% increase in overseas students, contrary to the decline in overseas students that the Vice Chancellor warned would undermine the University's financial position.
Another reason for the surplus is the very low staff costs at UNSW compared to other universities. According to the AG's report, UNSW has the second lowest ratio of Employee benefits and on costs as a percentage of revenue -- at 50.1%. This is at the extreme low end of the AG's recommended 'comfort zone' of between 50-70%.
The large surplus at UNSW clearly demonstrates that management can afford to settle an Enterprise Agreement with the NTEU and provide Academic (and Professional) staff with the same benefits enjoyed by other universities in NSW.
For a copy of the full report click here.