WordPress.com



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. 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, designated the U5 group, is examined in this paper. Their contribution relative to the whole higher education sector with 39 institutions is also reviewed.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.Analyses of the DataThe 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. ?20092018% Change 2009-18 Total U5 Revenue $ 8,387.4 $11,770.6 40.3%Total All Uni Revenue$25,565.4$33,939.132.8% % All Uni Revenue 32.8%34.7%1.9%U5 Total Assets$20,764.0$28,788.438.6%Total All Uni Assets$59,183.3$82,881.740.0%% All Uni Assets35.1%34.7%-0.4%U5 Total Equity$15,672.7$19,343.223.4%Total All Uni Equity$45,149.6$59,077.430.8%% All Uni Equity34.7%32.7%-2.0%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.Annual Revenue from Continuing Operations Since 2009The 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.00Melbourne 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.Figure 2. University Revenues from 2009 to 2018 in 2018 dollars relative to 2009 = 100In 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 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.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.Total Annual University AssetsThe 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.04445Figure 4 Total Assets for 2009 and 2018 U5 Universities in billions of 2018 dollarsU5 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.Figure 5. U5 Total Assets from 2009 to 2018 in 2018 dollars relative to 2009=100UNSW 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.Total Annual University Equity.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 institution. 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)left2901950Figure 6 Total Equity for 2009 and 2018 for U5 universities in billions of 2018 dollarsThe 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.Figure 7. U5 Total Equity from 2009 to 2018 in 2018 dollars relative to 2009 = 100The 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.Revenue Returns on Total Assets DeployedUniversities 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 2018.00Based 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.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 2018.20092018Increase% IncreaseSydney$243,244$286,588$43,34418%Melbourne$255,499$296,162$40,66316%UNSW$258,139$292,572$34,43313%Queensland$226,923$259,501$32,57814%Monash$237,425$286,608$49,18321%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 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. 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. 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 2018.20092018Change% ChangeSydney$44,792$48,624$3,8329%Melbourne$51,524$50,529-$995-2%UNSW$43,230$45,555$23255%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 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. 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. ConclusionThe 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 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. ReferencesThe Times Higher Education World University Rankings 2019, Government Department of Education, Finance Publication, Government Department of Education, Staff Data, Government Department of Education, Student Data, Australia, Higher Education and Research Facts and Figures, November 2015, F. P. -university-discretionary-research-expenditure-achieves-record-levels 23 October 2017Appendix 1 Primary data for Five Multi-Billion Dollar Universities and All Universities from 2009 to 2018. Financials Expressed in Dollars of the Day LINK Excel.Sheet.12 "Financial Data!R4C2:R85C9" \a \f 4 \h \* MERGEFORMAT SydneyTotal x 1000Total x 1000 Total x 1000Total x 1000Total x1000StudentsStaff FTE?RevenueExpensesSurplusAssetsEquityEFTSLinc Casual2009$1,392,283$1,330,655$61,628$4,268,283$3,220,6543882371492010$1,505,638$1,391,902$113,736$4,382,424$3,308,3763979572922011$1,597,140$1,504,536$92,604$4,783,156$3,361,2163966274862012$1,736,502$1,600,358$136,144$5,180,753$3,503,0244091675192013$1,883,187$1,634,698$248,489$5,565,585$3,804,5314226273362014$1,897,854$1,736,680$161,174$6,358,138$3,996,0954326574922015$2,030,293$1,872,063$158,230$6,717,541$4,202,0214505475712016$2,167,446$2,026,993$140,453$6,964,345$4,381,9214716778962017$2,345,182$2,152,734$192,448$7,100,626$4,539,2284968882362018$2,500,481$2,330,883$130,089$7,536,002$4,709,257514258725MelbourneTotal x 1000Total x 1000 Total x 1000Total x 1000Total x1000StudentsStaff FTE?RevenueExpensesSurplusAssetsEquityEFTSLinc Casual2009$1,482,070$1,433,294$48,776$4,260,604$3,507,0403592772452010$1,574,914$1,521,361$53,553$4,233,374$3,406,7953663971232011$1,687,831$1,605,682$82,149$4,459,290$3,493,0733684375712012$1,807,760$1,702,279$105,481$4,985,367$3,923,1173824379372013$1,868,104$1,751,498$116,606$5,202,510$4,189,9014044581112014$2,122,043$1,939,101$182,942$5,568,755$4,445,3284263780752015$2,106,986$1,961,522$145,464$5,856,279$4,689,3984543180642016$2,277,063$2,115,409$161,654$6,449,980$5,046,0384807283812017$2,501,975$2,279,153$222,822$7,155,885$5,631,7455021985392018$2,661,608$2,592,699$68,909$7,679,876$5,720,050527458987New SouthTotal x 1000Total x 1000 Total x 1000Total x 1000Total x1000StudentsStaff FTEWalesRevenueExpensesSurplusAssetsEquityEFTSLinc Casual2009$1,171,452$1,091,573$79,879$2,482,450$1,399,6203384556682010$1,327,543$1,186,398$141,145$2,707,609$1,560,9513666560572011$1,469,752$1,301,404$168,348$3,222,073$1,718,6613740064532012$1,479,235$1,385,449$93,786$3,514,861$1,891,8823724567042013$1,543,126$1,441,321$101,805$3,583,297$2,111,4173882867162014$1,658,927$1,533,429$125,498$4,206,038$2,260,4523959769892015$1,671,811$1,597,008$74,803$4,322,688$2,371,8104015668242016$1,819,468$1,666,555$152,913$4,547,909$2,611,5674184469832017$2,018,976$1,866,732$152,244$5,191,159$2,883,5114485067842018$2,130,219$2,117,609$12,610$5,416,992$2,971,883467617281QueenslandTotal x 1000Total x 1000 Total x 1000Total x 1000Total x1000StudentsStaff FTE?RevenueExpensesSurplusAssetsEquityEFTSLinc Casual2009$1,259,620$1,131,264$128,356$3,236,912$2,791,8893204769332010$1,426,414$1,320,329$106,085$3,438,878$2,992,2653493271132011$1,640,523$1,436,837$203,686$3,198,577$2,738,0353628974952012$1,582,689$1,519,308$63,381$3,240,954$2,805,0413702277042013$1,671,571$1,553,342$118,229$3,376,739$2,948,4273841678162014$1,688,673$1,646,027$42,646$3,466,383$3,040,4853996377952015$1,712,812$1,677,262$35,550$3,396,900$2,963,9304002978162016$1,751,110$1,763,230-$12,120$3,462,798$3,010,2524021476932017$1,828,356$1,777,038$51,318$3,594,933$3,113,3784119875972018$1,969,354$1,894,854$74,500$3,846,355$3,256,709422017589MonashTotal x 1000Total x 1000 Total x 1000Total x 1000Total x1000StudentsStaff FTE?RevenueExpensesSurplusAssetsEquityEFTSLinc Casual2009$1,409,922$1,255,094$154,828$2,376,332$1,629,0984623174172010$1,457,851$1,404,715$53,136$2,450,162$1,677,0274855375792011$1,501,971$1,418,643$83,328$2,540,301$1,746,2514959175582012$1,620,072$1,542,141$77,931$2,927,200$2,048,6714962680712013$1,611,922$1,535,926$75,996$2,832,558$2,003,3195088280102014$1,863,947$1,702,195$161,752$2,960,209$2,108,2585299273352015$1,911,482$1,782,341$129,141$3,410,925$2,346,7575578874392016$2,065,521$1,960,950$104,571$3,635,079$2,422,8555903676902017$2,236,114$2,143,654$92,460$4,016,901$2,517,4966243381912018$2,508,968$2,346,068$162,900$4,309,195$2,685,285670748754AllTotal x 1000Total x 1000 Total x 1000Total x 1000Total x1000StudentsStaff FTEUniversitiesRevenueExpensesSurplusAssetsEquityEFTSLinc Casual2009$20,468,862$18,660,349$1,808,513$47,384,855$36,148,8478130491058422010$22,158,466$20,139,697$2,018,769$51,058,616$38,689,2898614591103512011$23,658,742$21,718,972$1,939,770$54,538,470$39,963,0548799811142712012$25,210,033$23,276,527$1,933,506$59,513,203$42,891,3449030941189462013$26,332,964$24,291,650$2,041,314$61,501,178$45,666,9209376611238262014$27,631,658$25,859,460$1,772,198$66,890,611$47,998,4319772371221052015$28,609,979$26,958,447$1,651,532$70,122,108$50,298,91310023781234142016$30,147,079$28,585,858$1,561,221$73,556,739$53,042,02710349161260762017$32,028,091$30,039,071$1,989,020$78,779,391$56,710,11610722631289862018$33,939,129$32,470,591$1,468,538$82,881,693$59,077,4111109303131426Appendix 2 The Higher Education Deflator Index Relative to 2018The 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)20091.24899220101.21330820111.16628720121.12248920131.08743120141.06835120151.04927520161.03323520171.01715220181Appendix 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. LINK Excel.Sheet.12 "Financial Data!R4C11:R85C16" \a \f 4 \h SydneyTotal x 1000Total x 1000 Total x 1000Total x 1000Total x1000?RevenueExpensesSurplusAssetsEquity2009$1,738,950$1,661,977$76,973$5,331,052$4,022,5712010$1,826,803$1,688,806$137,997$5,317,229$4,014,0792011$1,862,724$1,754,721$108,003$5,578,532$3,920,1432012$1,949,204$1,796,384$152,820$5,815,336$3,932,1062013$2,047,836$1,777,621$270,215$6,052,187$4,137,1652014$2,027,574$1,855,384$172,190$6,792,720$4,269,2322015$2,130,336$1,964,309$166,027$7,048,550$4,409,0762016$2,239,481$2,094,360$145,121$7,195,803$4,527,5542017$2,385,407$2,189,658$195,749$7,222,414$4,617,0852018$2,500,481$2,330,883$130,089$7,536,002$4,709,257MelbourneTotal x 1000Total x 1000 Total x 1000Total x 1000Total x1000?RevenueExpensesSurplusAssetsEquity2009$1,851,094$1,790,173$60,921$5,321,461$4,380,2652010$1,910,856$1,845,879$64,976$5,136,385$4,133,4922011$1,968,495$1,872,686$95,809$5,200,811$4,073,9262012$2,029,191$1,910,789$118,401$5,596,017$4,403,6562013$2,031,434$1,904,633$126,801$5,657,369$4,556,2282014$2,267,087$2,071,640$195,446$5,949,382$4,749,1712015$2,210,808$2,058,176$152,632$6,144,849$4,920,4682016$2,352,741$2,185,715$167,027$6,664,344$5,213,7432017$2,544,889$2,318,245$226,644$7,278,620$5,728,3412018$2,661,608$2,592,699$68,909$7,679,876$5,720,050New SouthTotal x 1000Total x 1000 Total x 1000Total x 1000Total x1000WalesRevenueExpensesSurplusAssetsEquity2009$1,463,134$1,363,366$99,768$3,100,560$1,748,1142010$1,610,719$1,439,466$171,252$3,285,163$1,893,9142011$1,714,153$1,517,811$196,342$3,757,861$2,004,4522012$1,660,425$1,555,151$105,274$3,945,391$2,123,6172013$1,678,043$1,567,337$110,706$3,896,587$2,296,0202014$1,772,316$1,638,240$134,076$4,493,523$2,414,9562015$1,754,189$1,675,701$78,489$4,535,690$2,488,6812016$1,879,938$1,721,943$157,995$4,699,058$2,698,3622017$2,053,605$1,898,750$154,855$5,280,196$2,932,9692018$2,130,219$2,117,609$12,610$5,416,992$2,971,883QueenslandTotal x 1000Total x 1000 Total x 1000Total x 1000Total x1000?RevenueExpensesSurplusAssetsEquity2009$1,573,255$1,412,940$160,316$4,042,877$3,487,0472010$1,730,680$1,601,966$128,714$4,172,417$3,630,5392011$1,913,321$1,675,764$237,556$3,730,458$3,193,3352012$1,776,551$1,705,407$71,144$3,637,934$3,148,6282013$1,817,718$1,689,152$128,566$3,671,969$3,206,2112014$1,804,095$1,758,535$45,561$3,703,312$3,248,3052015$1,797,211$1,759,909$37,302$3,564,283$3,109,9782016$1,809,308$1,821,831-$12,523$3,577,883$3,110,2982017$1,859,716$1,807,518$52,198$3,656,592$3,166,7792018$1,969,354$1,894,854$74,500$3,846,355$3,256,709MonashTotal x 1000Total x 1000 Total x 1000Total x 1000Total x1000?RevenueExpensesSurplusAssetsEquity2009$1,760,981$1,567,602$193,379$2,968,020$2,034,7302010$1,768,822$1,704,352$64,470$2,972,800$2,034,7502011$1,751,729$1,654,545$97,184$2,962,719$2,036,6302012$1,818,513$1,731,036$87,477$3,285,749$2,299,6112013$1,752,854$1,670,214$82,640$3,080,210$2,178,4712014$1,991,350$1,818,542$172,808$3,162,541$2,252,3602015$2,005,670$1,870,166$135,504$3,578,999$2,462,3932016$2,134,169$2,026,122$108,046$3,755,890$2,503,3792017$2,274,468$2,180,422$94,046$4,085,798$2,560,6762018$2,508,968$2,346,068$162,900$4,309,195$2,685,285AllTotal x 1000Total x 1000 Total x 1000Total x 1000Total x1000UniversitiesRevenueExpensesSurplusAssetsEquity2009$25,565,445$23,306,627$2,258,818$59,183,307$45,149,6212010$26,885,044$24,435,655$2,449,389$61,949,811$46,942,0242011$27,592,883$25,330,555$2,262,329$63,607,495$46,608,3902012$28,297,985$26,127,646$2,170,339$66,802,890$48,145,0622013$28,635,281$26,415,493$2,219,788$66,878,262$49,659,6242014$29,520,309$27,626,980$1,893,330$71,462,620$51,279,1722015$30,019,736$28,286,824$1,732,911$73,577,398$52,777,3922016$31,149,017$29,535,909$1,613,108$76,001,381$54,804,8792017$32,577,437$30,554,301$2,023,136$80,130,590$57,682,8082018$33,939,129$32,470,591$1,468,538$82,881,693$59,166,950 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download