27 June 2025: The ÂÜÀòÊÓƵ’s (ÂÜÀòÊÓƵ) 2024 Annual Report (January to December 2024) has been tabled at the ACT Legislative Assembly.
The Annual Report provides detailed financial statements on the University’s performance for the 2024 financial year and acknowledges the impact of the $41million operating deficit on staff and students.
The University’s financial performance was reflective of sector-wide trends and lower than projected student enrolments. These trends included cost-of-living impacts, Federal Government policy and a strong local job market, particularly in the ACT.
Notably, ÂÜÀòÊÓƵ’s performance was further impacted by flat domestic student enrolments, and although the University recorded growth in international student enrolments, they were lower than expected.
The University’s financial recovery response included a significant organisational change process resulting in over 170 professional and academic staff leaving the institution because of redundancies and voluntary separations, and the consolidation of roles and responsibilities across its business units and faculties.
“The report recognises that 2024 was a challenging year and the subsequent efforts have been hard for everyone involved,” said The Honourable Bill Shorten, Vice-Chancellor and President of the ÂÜÀòÊÓƵ.
University Council and the management team has not delayed responding to the University’s projected deficit since October last year.
“I am pleased with the progress we have made to date, am reasonably confident that ÂÜÀòÊÓƵ is on track to break even on our operating costs in 2025 and that no further compulsory redundancies will be required,” Mr Shorten said.
“It is also encouraging that we have seen Student Revenue grow by 5% when compared to the same period in 2024.
“I would like to thank all our staff and students for their contributions to the University over these challenging months, and further acknowledge the constructive support of the ACT Government, NTEU and Council.”
Regarding executive remuneration, the University reported a 23% decline in the 2024 financial year.
“We are now going to progress with our plans to rejuvenate ÂÜÀòÊÓƵ. This will be achieved through the development of an education model that provides flexible study offerings for our students; reinvesting in our commitment to research; continued engagement with industry to further ensure that our practical, hands-on integrated learning approach provides our students with the graduate outcomes they need to enter the workplace; establishing ÂÜÀòÊÓƵ as a leader in the recognition of prior learning and microcredential offerings; and focusing on meeting our students where they are and understanding their needs,” said Mr Shorten.
A digital copy of the Annual Report can be viewed here.
For background
Below is a summary of a few key points from the ÂÜÀòÊÓƵ 2024 Annual Report:
- The University posted a consolidated $41million operating deficit for the 2024 financial year.
- Total Revenue was $378million, which was a decline of $9million or 2.2% compared to 2023.
- Total Expenses were $419million, an increase of $20million or 5.1% compared to 2023.
- Net Assets were $678million, which declined by $39million compared to 2023.
- Executive remuneration declined by 23% compared to 2023.
- Higher employment related expenses include $10million of one-off staff redundancy expenses from the organisational change process.
- Domestic student enrolments for the year were flat.
- Although growth was achieved in international student enrolments, it was lower than expected.
Some notable achievements in 2024, included:
- The University’s research income increased by 38% - this is a notable achievement for the University’s researchers and research capability areas.
- The University entered a Memorandum of Understanding (MOU) with Canberra Institute of Technology (CIT), intended to grow educational pathways and innovative approaches to integrating education and training.