The University of Tasmania has just five years to be made into a sustainable operation, its two heads say.
University Chancellor Michael Field and Vice-Chancellor Rufus Black wrote in the university’s 2019 annual report, released on Thursday, that the institution’s challenges were “real and pressing”.
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“We are not long-term economically sustainable and being economically sustainable is no easy task,” they said.
“At an operating level, we break even.
“Still, there is no surplus to see our facilities renewed for the next generation.
“It gets harder every year to find the capital investment for research infrastructure that we need to remain at the cutting edge.”
In its financial statements, the university’s surplus was reduced by 39.2 per cent.
This was after expenses grew by 8.1 per cent on the year before, but revenue only grew by 0.7 per cent.
This means the university’s revenue stream only grew by $5.3 million compared to a growth in expenditure of $52 million.
The report noted the high salaries paid to those at an executive level.
The highest paid was Professor Black who was placed in the $975,000 to $989,999 salary bracket.
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