The University of Melbourne's 2024 Annual Report has been tabled in the Victorian Parliament today, covering the period between 1 January and 31 December 2024.
The Annual Report outlines the University's successes in 2024 and explores its impact on society, locally and globally, through teaching, learning and research endeavours.
The report also tracks the progress the University has made against its long-term strategy, Advancing Melbourne 2030, and is a reflection on what was a challenging year for its community and the higher education sector.
The report details the University's financial performance in 2024, recording an operating deficit of $99 million. This follows a $71 million operating deficit in 2023.
The University's overall financial result for 2024 is a surplus of $273 million, primarily driven by higher investment gains, with additional factors including philanthropic endowments and the proceeds from the sale of the Hawthorn campus site.
University of Melbourne Vice-President (Administration & Finance) and Chief Operating Officer Katerina Kapobassis said the University is continuing its prudent approach to financial management.
"The 2024 operating deficit was expected and, while it is slightly larger than our initial projections, it is a result of strategic investments in student experience, our systems and processes, along with increased staff costs and inflation," Ms Kapobassis said.
"As a public-spirited institution our purpose is to contribute meaningfully to society through education and research.
"Careful financial stewardship will remain a priority in the coming years as we adapt to a more constrained revenue environment driven by evolving regulations and continue our path to a full post-pandemic recovery."
With more than 80,000 staff and students, the University's expenditure is aligned with the size of the institution. Following the pandemic, this included a significant focus on global partnerships and research collaborations, along with activities to attract students and broaden access to education.
"The University is balancing the need to continue to invest to enhance the student, staff and community experience with financial sustainability," Ms Kapobassis said.
The 2024 Annual Report is now available.
