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Media Release
UNIVERSITY REVENUE CLIMBS TO $12 BILLION
August 6, 2004 MIN 840/04
As the Howard Government’s $2.6 billion Higher Education package begins to flow into Australia’s universities they have posted another year of record revenue growth in 2003 at $12 billion – an increase of $800 million since 2002.
When the vocational education and training (VET) activities of universities are included, revenue stood at $12.4 billion.
The Finance 2003 report, compiled by the Australian Government Department of Education, Science and Training (DEST), also found that total operating surplus for the university sector was $511 million, a rise of $14 million since 2002.
According to the report, direct Commonwealth funding increased from $4.7 billion in 2002 to $4.9 billion in 2003 and HECS fees increased from $1.8 billion to $1.9 billion. However, as a proportion of total university revenue HECS fees decreased from 16.4% in 2002 to 16% in 2003.
Investment income rose from $205 million in 2002 to $322 million in 2003 and cash and investments increased by about $521 million to $5.7 billion. Borrowings increased by only $18 million over the same period.
The report found that the financial position of the overall sector remains positive with ten institutions posting deficits in 2003.
The report, which also provides detailed revenue and expense records for all Australian higher education institutions for the 2003 calendar year, was compiled using data provided by the universities in their audited annual financial statements.
To view the report go to: http://www.dest.gov.au/highered/funding/financialreporting.htm
Media Contacts:
Dr Nelson’s Office: Ross Hampton 0419 484 095
Dept of Education, Science & Training: Liz De Luca 0412 796 307
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