2023 ANU financial results

The University's 2023 financial results have been finalised through the auditing process and were approved by ANU Council on 5 April 2024. 

While we are not yet able to share our full audited financial statements until our Annual Report is tabled in Parliament later this year, the following high-level summary provides the ANU community with an update on the University’s financial position.   

In 2023, we expected an operating deficit of $105.1 million. 

Our actual operating result for 2023 was a deficit of $132 million.  Key elements of the result include:  

• $68 million above budget for grant income. 
• $38.5 million above budget for commercial and other income from Donation and Bequests, Continuing Education, Conferences and Rental and Hire facilities. 
• $11.3 million below budget for tuition fees, due mainly to lower enrolments of domestic full fee students.  
• $122.1 million above budget for operating expenses.   

When our Annual Report is tabled you will also see a reported net result of a surplus of $146.6 million. The difference between this result and our operating deficit of $132 million is mainly due to income from investments and insurance proceeds, both of which we are unable to use for operating expenses.  

Our $175.0 million in investment income is tied to supporting superannuation liabilities for our staff (which grow over time) and to endowments related to specific purposes such as perpetual scholarships.   

There is also $112.8 million of insurance payments that can only be used to repair the buildings damaged by the 2020 hailstorm.   

Addressing operating expenses is the top priority of the University’s leadership.  The introduction of controls around Q accounts, consultancy expenditure and recruitment have provided increased visibility on major costs.  We will continue to review our financial position with regular reforecasting and are actively looking for opportunities to improve our structures and processes.