Universities’ profits take a dive in New South Wales

Only one of the Australian state’s universities returned a surplus in 2022, audit finds

Almost all universities in New South Wales made a loss in 2022, with the sector’s revenue dropping by A$1 billion from its 2021 level.

The Audit Office of New South Wales released its assessment of the universities’ annual reports on 31 May. It found that their combined revenue of A$11.1bn was down 9.5 per cent on the previous year. Spending, however, was up by 6.6 per cent, at A$11.2bn.