In a complex and changing policy environment, a hallmark of 2024 was the University's advocacy in relation to international students and a strong voice in transnational education.
In this context, it is pleasing to note that both RMIT University and the Group returned to operating surplus in 2024, ahead of expectations. This result was supported by growth in international and domestic student revenues, along with a solid performance from our operations in Southeast Asia.
2024 financial summary
In 2024, the University's financial position continued to strengthen post-pandemic, despite inflationary pressures and an evolving policy landscape.
The consolidated 2024 net operating result for RMIT University and its controlled entities (RMIT Group) including RMIT Vietnam, RMIT Online, RMIT Training (now known as RMIT University Pathways) and RMIT Europe, was a net profit of $32.3 million.
RMIT University in Australia generated a pre-tax operating surplus of $2.5 million compared to a $58.7 million deficit in 2023. The University's total revenue increased by 13 per cent to $1,572.3 million, up from $1,387.1 million in 2023.
RMIT Vietnam delivered a surplus of $42.7 million compared to $67.3 million in 2023. Revenue declined by 1 per cent to $223.5 million with student enrolment growth constrained by campus capacity limitations following rapid growth during the pandemic.
Importantly, the profit achieved by RMIT Vietnam remains in Vietnam and continues to strengthen their local balance sheet to support necessary future investments.
The return to surplus for the Group was supported by growing international and domestic student revenues and the performance of our operations in Southeast Asia.
RMIT community
In 2024, RMIT had just over 12,000 staff globally and more than 99,000 students studying at our campuses in Australia and overseas.
In a year when the higher education sector was the centre of public debate and proposed major policy change, RMIT was an active participant in the discussions and presented a constructive and differentiated view to support policy makers. In response to the recommendations of the Australian Universities Accord and submissions related to proposed policy change, RMIT continued to strongly advocate for our students.
We are proud of our diverse community and committed to creating a safe, inclusive and respectful place to study and work.
Diversity and Inclusion
RMIT's culture promotes wellbeing, recognition for contribution, and an expectation that our values are fundamental. In 2024, the University achieved Platinum Status in the Australian Workplace Equality Index program and was a finalist in the Trans and Gender Diverse Inclusion Award, recognising our support for trans and gender diverse employees. We earned Disability Confident Recruiter status for the fourth consecutive year and received the Workplace Gender Equality Agency (WGEA) Employer of Choice citation for the sixth year in a row, cementing our leadership in gender equality.
This year our Addressing Gender-Based Violence Annual Report included data on disclosures and formal reports of gender-based violence for the first time, fulfilling our commitment to enhance transparency while taking a trauma-informed approach.
Responsible Practice
RMIT's commitment to the participation and success of Aboriginal and Torres Strait Islander peoples is unwavering and embedded in the University's Knowledge with Action strategy. In 2024, we made important contributions to progress with Responsible Practice in line with five Indigenous Strategic Commitments outlined in Knowledge with Action to strengthen relationships between Indigenous and non-Indigenous peoples for the benefit of all Australians and the communities in which RMIT operates. We also delivered our first Indigenous Student Success Strategy, mapping a way forward to create a culturally safe environment where Indigenous learners can thrive.
Sustainability
In 2024, our commitment to sustainability remained steadfast. Our sustainability leadership was recognised again in the Times Higher Education Impact Rankings, with RMIT placing third among Australian universities and first globally for Reducing Inequalities (SDG 10).
Our Sustainability and Equity Evaluation (SEE) Tool designed to assess the sustainability impact of any RMIT policy, program, plan, or project against the UN Sustainable Development Goals received a 'Highly Commended' in the Diversity, Equity and Inclusion category at the Green Gown Awards Australasia.
Rankings
2024 saw continued strong performance in global university rankings with RMIT ranked equal 123 and 10 in Australia in the 2025 QS World University Rankings and appearing in the 251-300 band of the 2025 Times Higher Education World University Rankings.
We also ranked 400 globally in the Academic Ranking of World Universities and 5 globally in the Times Higher Education Impact Rankings, designed to showcase how institutions are working towards addressing the United Nations' Sustainable Development Goals (SDGs). RMIT also ranked 8 globally and 1 in Australia in the 2025 QS Sustainability Rankings which look at how universities are responding to the world's environmental, social and governance challenges.
Research and partnerships
In 2024, we strengthened our strategic partnerships with government and industry to maximise research success and impact. We launched our first High-Impact Potential Initiative, bringing together 25 industry partners and RMIT researchers across multiple disciplines to tackle the critical issue of housing sustainability. This collaborative effort has paved the way for co-ideating innovative solutions and advancing impactful research projects. Groundbreaking research tackling waste management saw RMIT's innovative 'coffee concrete' make headlines around the world and attract venture capital backed investment.
Outlook
The higher education sector continues to face a complex and uncertain operating environment. Inflationary pressures, wage growth, and a tight labour market are contributing to rising costs, while changes in government policy - particularly around international students - are reshaping revenue expectations across the sector.
Building on our 2024 results, we are forecasting a modest underlying operating surplus in 2025. This represents a meaningful shift from recent years of deficit and reflects progress towards a more sustainable financial footing.
