Decade Financial Performances of Five Multi-billion Dollar Australian Universities: 2009 to 2018

Professor Emeritus Frank LarkinsSchool of ChemistryThe University of Melbourne.

Summary: This study reviews the financial performances over the decade 2009 to 2018 of five of the 39 Australian universities. Each one of these five now has annual operating revenues of more than two billion dollars. Their strong financial performance is central to the health of the Australian higher education sector. The University Five (U5), Sydney, Melbourne, New South Wales, Queensland and Monash, collectively had revenue of $11.8 billion in 2018, sourced from a total asset base of $28.8 billion. In 2018 this U5 group accounted for 34.7% of total university system revenues, highlighting their financial dominance. After correction for wages and professional service growth costs over the decade U5 group revenues grew by a remarkable 40.3% in real terms compared with 32.8% growth for the whole university sector. The U5 group and the university sector overall experienced similar decadal total assets growth at 38.6% and 40.0% respectively. The U5 group had more on-going financial liabilities so their total equity grew by 23.4%, while the growth for the whole sector was 30.8%.

Melbourne and Sydney are the dominant universities for revenue with each deploying total assets exceeding $7.5 billion; however, UNSW has reported the highest proportional growth in revenue (46%) and total assets (75%) in real terms since 2009. This improvement is reflected in its recent international ranking. Queensland had the lowest growth in revenue over the decade (25%) and was the only member of the U5 to decrease its equity base in real terms (by 7%). On a per FTE staff basis all the U5 group substantially increased their revenues from 2009 to 2018, but only two universities, Sydney and UNSW increased revenue on a per EFTSL student basis. The strategies adopted by the U5 group have placed them in an exceptionally strong financial position. The impressive financial growth has in part resulted from significant changes in student and staff profiles. Some potential adverse outcomes related to staff and students recruitment practices are analysed in a forthcoming article.

1. Introduction It is widely acknowledged that Australian Universities have done exceptionally well by international norms over the decade from 2009 to 2018. Several universities have increased their standing on various international ranking tables. For example, the latest Times Higher Education World University Rankings for 2019 (1) evaluated 1,250 universities. Australia had six universities in the top 100 and eleven of 39 universities in the top 200. Five of these Australian universities have total assets, equity and annual revenues from operations in excess of two billion dollars. These universities – Sydney, Melbourne, New South Wales, Queensland and Monash – were ranked in the top 100 universities along with ANU. The comparative financial performance of the five universities over the decade 2009 to 2018,

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designated the U5 group, is examined in this paper. Their contribution relative to the whole higher education sector with 39 institutions is also reviewed.

2. Primary Data for the Universities and Methodology.

The primary data for the present analyses are sourced from Australian Government Department of Education databases and University Annual Reports. The main source to evaluate the decade performance has been parent university financial data – Total Revenue from Continuing Operations, Total Expenses from Continuing Operation, Net Operating Result for the Year (the Surplus), Total University Assets and Equity. These data are available from the Department of Education website for all universities up to 2017 (2). The 2018 financial information for all universities has been sourced from the university annual reports available on the web because comprehensive sets of financial data for 2018 were not released by the Department of Education at the time of this study. The information has been used with the Full Time Equivalent Staff including casuals (FTE) (3) and the Effective Full Time Student Load (EFTSL) data (4) to benchmark performances.

The data obtained from the references cited above for the years 2009 to 2018 are presented for each university in Appendix 1 in dollars of the day. To enable direct financial performance comparisons between the years to be made on a constant dollar basis the data have been converted into 2018 dollars. The adjustment has been made using the Higher Education Deflator formula recommended by Universities Australia (5). The year multipliers are given in Appendix 2. The financial data expressed in 2018 dollars are presented in appendix 3. The multiplier between 2009 and 2018 is 1.249.

3. Analyses of the Data

The five universities profiled represent a very substantial proportion of the higher education system. They are making a major contribution to the growth and strength of the Australian higher education sector. The aggregated changes in some key financial parameters between 2009 and 2018 are shown in table 1,

Table 1. Financial data for five universities and the total university sector for 2009 and 2018: Revenue, Total Assets and Total Equity in millions of 2018 Dollars.

  2009 2018 % Change 2009-18

Total U5 Revenue $ 8,387.4 $11,770.6 40.3%

Total All Uni Revenue $25,565.4 $33,939.1 32.8%

% All Uni Revenue 32.8% 34.7% 1.9%

U5 Total Assets $20,764.0 $28,788.4 38.6%

Total All Uni Assets $59,183.3 $82,881.7 40.0%

% All Uni Assets 35.1% 34.7% -0.4%

U5 Total Equity $15,672.7 $19,343.2 23.4%

Total All Uni Equity $45,149.6 $59,077.4 30.8%

% All Uni Equity 34.7% 32.7% -2.0%

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In the 10 years from 2009 to 2018 the U5 group has increased revenue in constant 2018 dollar terms from $8.4b to $11.8b – an impressive 40.3% real increase compared with revenue growth for all universities of 32.8%. The U5 group have reinforced their financial dominance by strengthened their proportion of total university revenues from 32.8% in 2009 to 34.7% in 2018. Total U5 assets increased by 38.6% to $28.8b and equity increased by 23.4% to $19.3b during the decade. The lower proportional increase in total equities is because of the very substantial increase in the liabilities incurred by the U5 group from $5.1b in 2009 to $9.4b in 2018. In aggregate, the university sector had total assets of $82.9b and total equity of $59.1b in 2018. The sector in a major contributor to the Australian economy and the balance of trade through educational exports.

Relative to the whole system the U5 share of total assets declined marginally over the decade from 35.1% to 34.7% and equity from 34.7% to 32.7%. There were wide variations among U5 members as discussed in sections 6 and 7. These financials underline the importance of the U5 to the whole university sector and their very strong on-going performance in real terms. Few industry sectors can claim such an achievement.

4. Annual Revenue from Continuing Operations Since 2009

The annual revenues for each of the five universities for the years 2009 and 2018 expressed in 2018 dollars are shown in figure 1. The graph is based on the data presented in appendix 3.

Figure 1 Total Revenues for 2009 and 2018 for U5 universities in billions of 2018 dollars.

Melbourne has consistently had the highest revenue in real dollar terms from $1.85b in 2009 to $2.66b in 2018. Monash had the second highest revenue figure in 2018 followed by Sydney, UNSW and Queensland. All these universities have experienced very substantial revenue increases over the decade with the range being Melbourne $810 million to Queensland $400 million. Collectively, in 2018 dollars, the Australian university sector increased revenues from $25.6b

in 2009 to $33.9b in 2018.

The relative annual revenue performance for each U5 university and the whole sector over the decade normalised to the 2009 performance is presented in figure 2 using data from appendix 3.

3

Sydney Melbourne UNSW Qld Monash0.00

0.50

1.00

1.50

2.00

2.50

3.00

1.741.85

1.461.57

1.76

2.462.66

2.131.97

2.51

2009 2018

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018100

105

110

115

120

125

130

135

140

145

150

MELB 144UNSW 146

QLD 125

SYDMON142

ALL 133

Sydney Melbourne UNSW Qld Monash All

Figure 2. University Revenues from 2009 to 2018 in 2018 dollars relative to 2009 = 100

In terms of revenue growth four universities, UNSW, Melbourne, Sydney and Monash are clustered together, all with real increases over the decade of between 42% and 46%. Monash lagged the other universities until 2013 after which it has experienced a very rapid growth in its revenues from continuing operations. UNSW is the best performed of these universities in terms of relative revenue growth. This improvement has been also reflected in its international ranking. Queensland is a very interesting case of being very competitive with the other universities up to 2013 then relatively flat lining in revenue terms to 2017 before increasing again for 2018, such that the decade revenue increase in constant dollars was 25%. The on-average relative revenue growth for all Australian universities to 2018 was 33%. The trajectory was remarkably similar to four of the universities being evaluated for much of the decade with the revenue earnings performance diverging positively from the average (green line) since the capping of domestic student demand-driven enrolments. Universities are dynamic institutions such that the breadth of their operations and the infrastructure investments made do vary considerably from year-to-year. Strategic policy changes will account for some of the inter-year fluctuations, but in terms of annual revenues the university sector is now financially stronger in real terms than in 2009.

5. Net Annual Operating Result from Continuing Operations Since 2009 – The Surplus.

The difference between the revenue and the expenses from continuing operations represents the annual surplus. It provides a guide to how well universities are managing their operations. The outcome in dollars of the day and in 2018 dollars are shown in column 4 of appendix 1 and 3 respectively. The annual surpluses in 2018 dollars are shown in figure 3. A very similar profile is revealed by a graph using dollars of the day.

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2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

-$50,000

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

SYD $130M

UNSW $13M

QLD $75MMELB $69M

MON $163M

Sydney Melbourne UNSW Qld Monash

Figure 3 Annual U5 University Surpluses in 2018 Dollars x 1000

It is very evident that while all these universities, except for Queensland in 2016, have achieved a surplus on continuing operations in each year, there are very substantial annual variations that reflect the changes in expenditure initiatives being undertaken. The spread in the value of surpluses has been large – mostly in the range $50 million to $250 million. The decline in the surplus from 2017 to 2018 for Melbourne, Sydney and UNSW highlights the concerns they have about the level of government funding as they seek to retain excellence in their research activities by implementing policies for cross-subsidisation using discretionary income (6). Queensland has strengthened its overall financial outcome since 2016, while Monash has managed to achieve surpluses between $53m and $163m over the decade even though it experienced major changes in its revenue growth trajectory (figure 2). The U5 annual surplus outcomes provide evidence for the high quality and effectiveness of the on-going financial management of these institutions. The revenue surpluses make a major contribution to the growth in assets.

6. Total Annual University Assets

The total assets available to a university is an indicator of financial health and the capacity of the institution to raise revenue and invest in its teaching and research programs. The data are presented in column 5 of appendix 1 and 3. The total assets performance, expressed in billions of 2018 dollars, for 2009 and 2018 is presented in figure 4 for the U5 group.

Figure 4 Total Assets for 2009 and 2018 U5 Universities in billions of 2018 dollars

U5 universities, with the exception of Queensland have substantially increased their asset base in real terms over the decade. Sydney and Melbourne have very similar profiles with Melbourne having total assets of $7.64b in 2018 and Sydney $7.54b. Queensland has the smallest asset base at $3.85b of all the U5. These are imposing numbers.

The changes in the total assets of universities in real terms relative to 2009 set at 100 are shown in figure 5.

5

2009 2010 2011 2012 2013 2014 2015 2016 2017 20188090

100110120130140150160170180

UNSW 175

QLD 95

MON 145MELB 144

SYD 141All 140

Total Assets in 2018 Dollars

Sydney Melbourne UNSWQueensland Monash All Unis

Figure 5. U5 Total Assets from 2009 to 2018 in 2018 dollars relative to 2009=100

UNSW had the third largest asset base in 2018 (Figure 4) but has increased its total assets by 75% since 2009. Monash (45%), Melbourne (44%), Sydney (41%) all had very similar proportional growth. Queensland was the exception actually decreasing its total assets by 5% from 2009 to 2018. Interestingly, the average asset growth of all 39 universities over the decade was 40%. Consequently, the only U5 university with an exceptional performance relative to the sector is UNSW. The U5 group had 34.7% of sector assets in 2018 compared with 35.1% in 2009. These percentages align reasonable well with the collective U5 revenue performance. An increase of 40% ($23.7b in real terms) for the sector over the decade is evidence of why Australian universities are being so highly rated by international norms.

7. Total Annual University Equity.

6

Sydney Melbourne UNSW Qld Monash0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

5.33 5.32

3.10

4.04

2.97

7.54 7.68

5.41

3.85 4.31

2009 2018

The annual total university equity result represents the difference between the current and non-current assets, reviewed in section 6, and liabilities accrued by an institution. The outcome does provide another indicator of the financial health of an institution1. The data are presented in column 6 of appendix 1 and 3. The outcomes for the decade are shown in figures 6 and 7 using the data in 2018 dollars (appendix 3)

Figure 6 Total Equity for 2009 and 2018 for U5 universities in billions of 2018 dollars

The total equity for four of the U5 group increased from 2009 to 2018 in terms of constant 2018 dollars. Melbourne reported the highest decadal increase at $1.34b followed closely be UNSW at $1.22b. Queensland’s equity base declined by $0.23b from 2009 to 2018. In 2018 Melbourne had the strongest equity base at $5.72b and Monash the smallest equity base at $2.69b. By comparing the total assets reported in figure 4 with the total equity in figure 6 it is evident that Sydney and UNSW had considerably more liabilities in 2018 than Melbourne, Monash or Queensland.

Collectively, the U5 increased their equity in real terms by 23.4%, from $15.7b in 2009 to $19.3b in 2018. For all universities the total equity increased by 30.8%, from $45.2b in 2009 to $59.2b. Consequently, the U5 group share of total university equity decreased by 2% (Table 1, row 9), principally because of higher financial liabilities.

The relative annual change in total equity for each university over the decade normalised to the 2009 performance is presented in figure 7.

1 Other metrics may be also used

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Sydney Melbourne UNSW Qld Monash0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

4.024.38

1.75

3.49

2.03

4.71

5.72

2.973.26

2.69

2009 2018

2009 2010 2011 2012 2013 2014 2015 2016 2017 201890

100

110

120

130

140

150

160

170

SYD 117

UNSW 170

QLD 93

MON 132Melb 131

All 131

Sydney Melbourne UNSW Qld Monash All Unis

Figure 7. U5 Total Equity from 2009 to 2018 in 2018 dollars relative to 2009 = 100

The University of New South Wales is again the standout university in terms of consistently increasing its equity base in real terms - by 70% over the decade. As shown in figure 6 UNSW ranked fourth in terms of its size but has grown its capital at a faster rate than the other universities. Monash and Melbourne universities have experienced similar equity growth rates near 30%, while Sydney achieved 17% growth over the decade. Queensland’s equity base declined by 7% in real terms. It was less in 2018 at $3.26b compared with $3.49b in 2009. Changes in the equity base do related to the annual surpluses, mergers and demergers, revaluation of assets, liabilities, investments and donations. For the total university sector the equity base increased by an exceptional 31% over the decade, similar to the Monash and Melbourne growth. Sydney and Queensland had lower equity growth than the university sector as a whole. All the U5 group increased their total assets over the decade by more than their total equity because in real terms their liabilities were proportionally higher in 2018 compared with 2009, principally because of major infrastructure investments.

8. Revenue Returns on Total Assets Deployed

Universities are complex institutions so there are various ways in which one can evaluate how effectively a university deploys its assets. One approach which is consistent across all universities is to compare the revenue from continuing operation with the total university assets available to raise that revenue. The ratio of the two financials, expressed as percentages, for 2009 and 2018 are shown in figure 8.

Figure 8. Ratio of Revenue to Total Assets for U5 and All Universities in 2009 and 2018.

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Based on this metric Monash has consistently been the most effective in the deployment of its total assets, at 58% in 2018. Melbourne and Sydney have the largest asset bases (Figure 4), being predominantly inner-metropolitan institutions, but have consistently reported lower returns on the assets deployed over the decade. Queensland did increase its returns by this measure over the decade because revenues increased by 25% and total assets declined by 5%. UNSW was the one U5 university that increased its total assets at a faster rate (75%) over the decade

than its revenue (46%) such that its returns by this measure declined from 2009 to 2018. UNSW will be expecting more revenue growth in the future from the substantial capital asset investment it has made. For Sydney, Melbourne and Monash there was no significant proportional change in revenue raising effectiveness despite substantial gains in total assets. The variations in this metric do in part reflect the locations of university campuses in metropolitan or regional areas, the cost of those assets and the relative deployment of third-party assets. Sector-wide the ratio has remained near 42%, meaning that overall there has been no improvement in the proportional revenue return on total asset.

9. Revenue normalised to All Staff FTE from 2009 to 2018

Universities are predominantly people businesses, so staffing levels and student enrolments are closely linked to university revenue-raising policies. The trends in staffing numbers and student enrolments will be examined in detail in another article. The data used here are in columns 7 and 8 of appendix 1. The focus is on their relationship to revenue outcomes. The revenue gained for 2009 and 2018 for the U5 group normalised to the FTE staff including casuals expressed in 2018 dollars is given in table 2.

Table 2 Revenue in 2018 Dollars per FTE Staff including Casuals for 2009 and 2018.

2009 2018 Increase % IncreaseSydney $243,244 $286,588 $43,344 18%Melbourne $255,499 $296,162 $40,663 16%UNSW $258,139 $292,572 $34,433 13%Queensland $226,923 $259,501 $32,578 14%Monash $237,425 $286,608 $49,183 21%All Universities $241,543 $258,238 $16,694 7%

All U5 members report a substantial increase in constant 2018 dollars revenue per staff member over the decade, from $32,578 (14%) for Queensland to $49,183 (21%) for Monash. These impressive increases are substantially due to the lower growth in staff numbers. The revenue per FTE staff member was remarkably constant in 2018 for four university, in the range $286,000 to $293,000 per staff FTE. Queensland was the outlier in absolute revenue at $259,501 in 2018. All these universities had a superior performance to the sector average at $258,238 per staff FTE in 2018, an increase of only 7% over 2009 compared with a U5

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Sydney Melbourne UNSW QueenslandMonash All Unis0%

10%

20%

30%

40%

50%

60%

33% 35%

47%

39%

59%

43%

33% 35%39%

51%

58%

41%

2009 2018

average of 16%. If dollars of the day were considered then the increases would have been 25% higher. International student fee income is a major factor in the differing revenue performances.

The decade trends are presented in figure 9. Monash has experienced a major improvement by this metric in its earning capacity since 2013, while both UNSW and Queensland have improved considerably since 2012. The fluctuations prior to 2014 were substantial for all universities. They have steadily increased thereafter with some decline between 2017 and 2018 for Sydney, Melbourne and UNSW.

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018$200,000

$220,000

$240,000

$260,000

$280,000

$300,000

$320,000 MELB $296kUNSW $293k

Mon 287kSYD $286k

QLD $260kALL $258K

Sydney Melbourne UNSWQld Monash All Unis

Figure 9. Revenue in 2018 Dollars per FTE Staff including Casuals for the decade 2009 to 2018.

Since 2013 the U5 group have outperformed the university sector average for revenue per FTE except for Queensland. It is only with the latest reported figures that Queensland is just above the sector average. Overall, the performance of four U5 universities is exceptional.

10. Revenue normalised to Student EFTSL from 2009 to 2018

The revenue gained for 2009 and 2018 normalised to student load (EFTSL) expressed in 2018 dollars is given in table 3.

Table 3. Revenue in 2018 Dollars Normalised to Student Load for 2009 and 2018.

2009 2018 Change % ChangeSydney $44,792 $48,624 $3,832 9%Melbourne $51,524 $50,529 -$995 -2%UNSW $43,230 $45,555 $2325 5%Queensland $49,092 $46,666 -$2,426 -5%Monash $38,091 $37,406 -$685 -2%All Universities $31,444 $30,595 -$849 -3%

The normalised performance on this student-related metric is strikingly different to the revenue outcome related to staff. Revenue growth for three universities, Melbourne, Queensland and Monash and the sector was lower per EFTSL in real terms in 2018 compared with 2009. Sydney and UNSW did have increased revenues per student in 2018 compared

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with 2009. Overall, the U5 group do obtain considerably more revenue on a student EFTSL basis compared to the whole sector, but revenue growth did not keep pace with student growth. The average receipts per unit of student load for the U5 group in 2018 was $45,602 compared with all universities at $30,595, because of the higher proportion of international students.

The trends over the decade are presented in figure 10.

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018$30,000

$35,000

$40,000

$45,000

$50,000

$55,000MELB $50.5k

SYD $48.6kQLD $46.7k

UNSW $45.5k

Mon $37.4k

All $30.6k

Sydney Melbourne UNSW Qld Monash All Unis

Figure 10. Revenue in 2018 Dollars normalised to student load for the decade 2009 to 2018.

The variations in real dollar terms over the decade for each university are relatively small. Melbourne has consistently had the highest revenue per student, mainly in the range $48,000 to $53,000, while Monash had the lowest in the range $34,000 to $38,000 per EFTSL. It is not surprising that all these universities have superior performances on this metric to the sector average because they are among the most research-intensive universities. Some of the revenue gained is dedicated to research expenditures not directly involving students. Nevertheless, it is certainly noteworthy that for each university there has been such a small variation over the decade.

11. Conclusion

The present analyses profiling the financial health of five universities provided clear evidence that they are financially in a very strong position. Furthermore, the outcomes highlight their importance to the on-going wellbeing of the entire Australian higher education sector and for the Australian economy. In 2018 the U5 group raised 34.7% of the sector revenue, employed 31.5% of the FTE staff including casuals and educated 23.5% of the students on an EFTSL basis. Over the decade from 2009 to 2018 the U5 group increased in real terms their revenue by an impressive 40.3% on an asset base which increased by 38.6% and total equity holdings by 23.4%. The latter reflects the higher level of liabilities in 2018.

Total revenues and the asset base growth performances ranks competitively with many other industry sectors. The variations in the revenue returns on total assets deployed (figure 8) between universities suggest that at least for some there is more potential to achieve higher

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returns. The fact that for some universities revenue growth has not matched student load growth (table 3) is a serious matter with the potential to erode the quality of the Australian higher education student experience. This is of considerable concern, especially in the longer term. The policies leading to changing staff and student profiles for the U5 group will be reviewed in another article.

12. References

1. The Times Higher Education World University Rankings 2019, https://www.timeshighereducation.com/world-university-rankings/2019/world-ranking#!/page/0/length/25/sort_by/rank/sort_order/asc/cols/stats

2. Australian Government Department of Education, Finance Publication, https://www.education.gov.au/finance-publication

3. Australian Government Department of Education, Staff Data, https://www.education.gov.au/staff-data

4. Australian Government Department of Education, Student Data, https://www.education.gov.au/student-data

5. Universities Australia, Higher Education and Research Facts and Figures, November 2015, https://www.universitiesaustralia.edu.au

6. Larkins F. P. http://www.lhmartininstitute.edu.au/insight-blog/2017/10/262 - university-discretionary-research-expenditure-achieves-record-levels 23 October 2017

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Appendix 1 Primary data for Five Multi-Billion Dollar Universities and All Universities from 2009 to 2018. Financials Expressed in Dollars of the Day

Sydney Total x 1000Total x 1000 Total x 1000

Total x 1000 Total x1000

Students Staff FTE

Revenue Expenses Surplus Assets Equity EFTSL inc Casual

2009 $1,392,283 $1,330,655 $61,628 $4,268,283 $3,220,654 38823 7149

2010 $1,505,638 $1,391,902 $113,736 $4,382,424 $3,308,376 39795 7292

2011 $1,597,140 $1,504,536 $92,604 $4,783,156 $3,361,216 39662 7486

2012 $1,736,502 $1,600,358 $136,144 $5,180,753 $3,503,024 40916 7519

2013 $1,883,187 $1,634,698 $248,489 $5,565,585 $3,804,531 42262 7336

2014 $1,897,854 $1,736,680 $161,174 $6,358,138 $3,996,095 43265 7492

2015 $2,030,293 $1,872,063 $158,230 $6,717,541 $4,202,021 45054 7571

2016 $2,167,446 $2,026,993 $140,453 $6,964,345 $4,381,921 47167 7896

2017 $2,345,182 $2,152,734 $192,448 $7,100,626 $4,539,228 49688 8236

2018 $2,500,481 $2,330,883 $130,089 $7,536,002 $4,709,257 51425 8725

Melbourne Total x 1000Total x 1000 Total x 1000

Total x 1000 Total x1000

Students Staff FTE

Revenue Expenses Surplus Assets Equity EFTSL inc Casual

2009 $1,482,070 $1,433,294 $48,776 $4,260,604 $3,507,040 35927 7245

2010 $1,574,914 $1,521,361 $53,553 $4,233,374 $3,406,795 36639 7123

2011 $1,687,831 $1,605,682 $82,149 $4,459,290 $3,493,073 36843 7571

2012 $1,807,760 $1,702,279 $105,481 $4,985,367 $3,923,117 38243 7937

2013 $1,868,104 $1,751,498 $116,606 $5,202,510 $4,189,901 40445 8111

2014 $2,122,043 $1,939,101 $182,942 $5,568,755 $4,445,328 42637 8075

2015 $2,106,986 $1,961,522 $145,464 $5,856,279 $4,689,398 45431 8064

2016 $2,277,063 $2,115,409 $161,654 $6,449,980 $5,046,038 48072 8381

2017 $2,501,975 $2,279,153 $222,822 $7,155,885 $5,631,745 50219 8539

2018 $2,661,608 $2,592,699 $68,909 $7,679,876 $5,720,050 52745 8987

New South Total x 1000Total x 1000 Total x 1000

Total x 1000 Total x1000

Students Staff FTE

Wales Revenue Expenses Surplus Assets Equity EFTSL inc Casual

2009 $1,171,452 $1,091,573 $79,879 $2,482,450 $1,399,620 33845 5668

2010 $1,327,543 $1,186,398 $141,145 $2,707,609 $1,560,951 36665 6057

2011 $1,469,752 $1,301,404 $168,348 $3,222,073 $1,718,661 37400 6453

2012 $1,479,235 $1,385,449 $93,786 $3,514,861 $1,891,882 37245 6704

2013 $1,543,126 $1,441,321 $101,805 $3,583,297 $2,111,417 38828 6716

2014 $1,658,927 $1,533,429 $125,498 $4,206,038 $2,260,452 39597 6989

2015 $1,671,811 $1,597,008 $74,803 $4,322,688 $2,371,810 40156 6824

2016 $1,819,468 $1,666,555 $152,913 $4,547,909 $2,611,567 41844 6983

2017 $2,018,976 $1,866,732 $152,244 $5,191,159 $2,883,511 44850 6784

2018 $2,130,219 $2,117,609 $12,610 $5,416,992 $2,971,883 46761 7281

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Queensland Total x 1000

Total x 1000 Total x 1000

Total x 1000 Total x1000

Students Staff FTE

Revenue Expenses Surplus Assets Equity EFTSL inc Casual

2009 $1,259,620 $1,131,264 $128,356 $3,236,912 $2,791,889 32047 6933

2010 $1,426,414 $1,320,329 $106,085 $3,438,878 $2,992,265 34932 7113

2011 $1,640,523 $1,436,837 $203,686 $3,198,577 $2,738,035 36289 7495

2012 $1,582,689 $1,519,308 $63,381 $3,240,954 $2,805,041 37022 7704

2013 $1,671,571 $1,553,342 $118,229 $3,376,739 $2,948,427 38416 7816

2014 $1,688,673 $1,646,027 $42,646 $3,466,383 $3,040,485 39963 7795

2015 $1,712,812 $1,677,262 $35,550 $3,396,900 $2,963,930 40029 7816

2016 $1,751,110 $1,763,230 -$12,120 $3,462,798 $3,010,252 40214 7693

2017 $1,828,356 $1,777,038 $51,318 $3,594,933 $3,113,378 41198 7597

2018 $1,969,354 $1,894,854 $74,500 $3,846,355 $3,256,709 42201 7589

Monash Total x 1000Total x 1000 Total x 1000

Total x 1000 Total x1000

Students Staff FTE

Revenue Expenses Surplus Assets Equity EFTSL inc Casual

2009 $1,409,922 $1,255,094 $154,828 $2,376,332 $1,629,098 46231 7417

2010 $1,457,851 $1,404,715 $53,136 $2,450,162 $1,677,027 48553 7579

2011 $1,501,971 $1,418,643 $83,328 $2,540,301 $1,746,251 49591 7558

2012 $1,620,072 $1,542,141 $77,931 $2,927,200 $2,048,671 49626 8071

2013 $1,611,922 $1,535,926 $75,996 $2,832,558 $2,003,319 50882 8010

2014 $1,863,947 $1,702,195 $161,752 $2,960,209 $2,108,258 52992 7335

2015 $1,911,482 $1,782,341 $129,141 $3,410,925 $2,346,757 55788 7439

2016 $2,065,521 $1,960,950 $104,571 $3,635,079 $2,422,855 59036 7690

2017 $2,236,114 $2,143,654 $92,460 $4,016,901 $2,517,496 62433 8191

2018 $2,508,968 $2,346,068 $162,900 $4,309,195 $2,685,285 67074 8754

All Total x 1000Total x 1000 Total x 1000

Total x 1000 Total x1000

Students Staff FTE

Universities Revenue Expenses Surplus Assets Equity EFTSL inc Casual

2009 $20,468,862$18,660,34

9 $1,808,513$47,384,85

5 $36,148,847 813049 105842

2010 $22,158,466$20,139,69

7 $2,018,769$51,058,61

6 $38,689,289 861459 110351

2011 $23,658,742$21,718,97

2 $1,939,770$54,538,47

0 $39,963,054 879981 114271

2012 $25,210,033$23,276,52

7 $1,933,506$59,513,20

3 $42,891,344 903094 118946

2013 $26,332,964$24,291,65

0 $2,041,314$61,501,17

8 $45,666,920 937661 123826

2014 $27,631,658$25,859,46

0 $1,772,198$66,890,61

1 $47,998,431 977237 122105

2015 $28,609,979$26,958,44

7 $1,651,532$70,122,10

8 $50,298,913 1002378 123414

2016 $30,147,079$28,585,85

8 $1,561,221$73,556,73

9 $53,042,027 1034916 126076

2017 $32,028,091$30,039,07

1 $1,989,020$78,779,39

1 $56,710,116 1072263 128986

2018 $33,939,129 $32,470,59 $1,468,538 $82,881,69 $59,077,411 1109303 131426

14

1 3

Appendix 2 The Higher Education Deflator Index Relative to 2018

The Higher Education Deflator Index is constructed from a weighting of 75% of the ABS Wage Price Index, Professional, Scientific and Technical Services, Australia, June 2018, Cat No. 6345.0 and 25% of the Consumer Prices Index, Australia, June 2018, Cat. No. 6401.0 (see reference 5)

20091.248992

20101.213308

20111.166287

20121.122489

20131.087431

20141.068351

20151.049275

20161.033235

20171.017152

2018 1

15

Appendix 3 Data for Five Multi Billion Dollars Universities and All Universities from 2009 to 2018. Expressed in 2018 Dollars using the deflators in Appendix 2.

Sydney Total x 1000 Total x 1000 Total x 1000

Total x 1000 Total x1000

Revenue Expenses Surplus Assets Equity

2009 $1,738,950 $1,661,977 $76,973 $5,331,052 $4,022,571

2010 $1,826,803 $1,688,806 $137,997 $5,317,229 $4,014,079

2011 $1,862,724 $1,754,721 $108,003 $5,578,532 $3,920,143

2012 $1,949,204 $1,796,384 $152,820 $5,815,336 $3,932,106

2013 $2,047,836 $1,777,621 $270,215 $6,052,187 $4,137,165

2014 $2,027,574 $1,855,384 $172,190 $6,792,720 $4,269,232

2015 $2,130,336 $1,964,309 $166,027 $7,048,550 $4,409,076

2016 $2,239,481 $2,094,360 $145,121 $7,195,803 $4,527,554

2017 $2,385,407 $2,189,658 $195,749 $7,222,414 $4,617,085

2018 $2,500,481 $2,330,883 $130,089 $7,536,002 $4,709,257

Melbourne Total x 1000 Total x 1000 Total x 1000

Total x 1000 Total x1000

Revenue Expenses Surplus Assets Equity

2009 $1,851,094 $1,790,173 $60,921 $5,321,461 $4,380,265

2010 $1,910,856 $1,845,879 $64,976 $5,136,385 $4,133,492

2011 $1,968,495 $1,872,686 $95,809 $5,200,811 $4,073,926

2012 $2,029,191 $1,910,789 $118,401 $5,596,017 $4,403,656

2013 $2,031,434 $1,904,633 $126,801 $5,657,369 $4,556,228

2014 $2,267,087 $2,071,640 $195,446 $5,949,382 $4,749,171

2015 $2,210,808 $2,058,176 $152,632 $6,144,849 $4,920,468

2016 $2,352,741 $2,185,715 $167,027 $6,664,344 $5,213,743

2017 $2,544,889 $2,318,245 $226,644 $7,278,620 $5,728,341

2018 $2,661,608 $2,592,699 $68,909 $7,679,876 $5,720,050

New South Total x 1000 Total x 1000 Total x 1000

Total x 1000 Total x1000

Wales Revenue Expenses Surplus Assets Equity

2009 $1,463,134 $1,363,366 $99,768 $3,100,560 $1,748,114

2010 $1,610,719 $1,439,466 $171,252 $3,285,163 $1,893,914

2011 $1,714,153 $1,517,811 $196,342 $3,757,861 $2,004,452

2012 $1,660,425 $1,555,151 $105,274 $3,945,391 $2,123,617

2013 $1,678,043 $1,567,337 $110,706 $3,896,587 $2,296,020

2014 $1,772,316 $1,638,240 $134,076 $4,493,523 $2,414,956

2015 $1,754,189 $1,675,701 $78,489 $4,535,690 $2,488,681

2016 $1,879,938 $1,721,943 $157,995 $4,699,058 $2,698,362

2017 $2,053,605 $1,898,750 $154,855 $5,280,196 $2,932,969

2018 $2,130,219 $2,117,609 $12,610 $5,416,992 $2,971,883

16

Queensland Total x 1000 Total x 1000

Total x 1000

Total x 1000 Total x1000

Revenue Expenses Surplus Assets Equity

2009 $1,573,255 $1,412,940 $160,316 $4,042,877 $3,487,047

2010 $1,730,680 $1,601,966 $128,714 $4,172,417 $3,630,539

2011 $1,913,321 $1,675,764 $237,556 $3,730,458 $3,193,335

2012 $1,776,551 $1,705,407 $71,144 $3,637,934 $3,148,628

2013 $1,817,718 $1,689,152 $128,566 $3,671,969 $3,206,211

2014 $1,804,095 $1,758,535 $45,561 $3,703,312 $3,248,305

2015 $1,797,211 $1,759,909 $37,302 $3,564,283 $3,109,978

2016 $1,809,308 $1,821,831 -$12,523 $3,577,883 $3,110,298

2017 $1,859,716 $1,807,518 $52,198 $3,656,592 $3,166,779

2018 $1,969,354 $1,894,854 $74,500 $3,846,355 $3,256,709

Monash Total x 1000 Total x 1000 Total x 1000

Total x 1000 Total x1000

Revenue Expenses Surplus Assets Equity

2009 $1,760,981 $1,567,602 $193,379 $2,968,020 $2,034,730

2010 $1,768,822 $1,704,352 $64,470 $2,972,800 $2,034,750

2011 $1,751,729 $1,654,545 $97,184 $2,962,719 $2,036,630

2012 $1,818,513 $1,731,036 $87,477 $3,285,749 $2,299,611

2013 $1,752,854 $1,670,214 $82,640 $3,080,210 $2,178,471

2014 $1,991,350 $1,818,542 $172,808 $3,162,541 $2,252,360

2015 $2,005,670 $1,870,166 $135,504 $3,578,999 $2,462,393

2016 $2,134,169 $2,026,122 $108,046 $3,755,890 $2,503,379

2017 $2,274,468 $2,180,422 $94,046 $4,085,798 $2,560,676

2018 $2,508,968 $2,346,068 $162,900 $4,309,195 $2,685,285

All Total x 1000 Total x 1000 Total x 1000

Total x 1000 Total x1000

Universities Revenue Expenses Surplus Assets Equity

2009 $25,565,445 $23,306,627 $2,258,818$59,183,30

7$45,149,62

1

2010 $26,885,044 $24,435,655 $2,449,389$61,949,81

1$46,942,02

4

2011 $27,592,883 $25,330,555 $2,262,329$63,607,49

5$46,608,39

0

2012 $28,297,985 $26,127,646 $2,170,339$66,802,89

0$48,145,06

2

2013 $28,635,281 $26,415,493 $2,219,788$66,878,26

2$49,659,62

4

2014 $29,520,309 $27,626,980 $1,893,330$71,462,62

0$51,279,17

2

2015 $30,019,736 $28,286,824 $1,732,911$73,577,39

8$52,777,39

2

2016 $31,149,017 $29,535,909 $1,613,108$76,001,38

1$54,804,87

9

17

2017 $32,577,437 $30,554,301 $2,023,136$80,130,59

0$57,682,80

8

2018 $33,939,129 $32,470,591 $1,468,538$82,881,69

3$59,166,95

0

18