Report snapshot: Universities 2024

5 June 2025
Universities

About this report

Financial audit results of the NSW public universities’ financial statements for the year ended 31 December 2024.

Findings

Unmodified audit opinions were issued for all ten universities.

Six universities reported net deficits in 2024, compared to eight in 2023. Nine universities’ net results improved from 2023.

The main driver of revenue growth in 2024 was a 25.5% increase in fees and charges revenue from overseas students, due to increased enrolments of 18.9%. Revenue from domestic students increased by 12%, however, enrolment numbers remain below 2020 levels.

In 2024, revenue growth of 14.9% exceeded the 9.4% growth rate of expenses. However, universities are still recovering from the shortfalls experienced in 2022 and 2023 following financial disruptions caused by the COVID-19 pandemic.

Half of the universities show indicators of financial risk in the form of liquidity ratios of less than one and having less than three months of cash reserves to fund operating and financing activities.

The number of reported audit findings has decreased from 111 in 2023 to 98 this year. Most control deficiencies related to information technology / cyber security, governance, and payroll.

Universities are not consistently following their own procedures for recording cyber incidents, data breaches and privacy breaches.

Data breaches that required mandatory notification resulted in unauthorised access and disclosure of personal information, and mainly caused by phishing attacks and human error.

Recommendations

Universities should:

  • finalise mitigating actions to address the risk of future wage underpayments and prioritise repayments to affected staff
  • adequately prepare themselves to comply with the climate disclosure requirements under NSW Treasury’s reporting framework
  • clearly document the requirements for business cases and post-completion reviews for capital projects
  • comply with established processes when recording cyber security incidents and data breaches
  • require staff to complete cyber security training regularly, include simulated phishing attacks and provide students with basic cyber security training
  • create a central artificial intelligence (AI) inventory, establish and implement an AI policy and consider the benefits of establishing an AI strategy.

Fast facts

  • $14.3b total revenue, an increase of $1.9b (14.9%) from 2023
  • $13.7b total expenses, an increase of $1.2b (9.4%) from 2023
  • 105,393 overseas student enrolments (EFTSL), an increase of 16,726 EFTSL (18.9%) from 2023
  • 204,499 domestic student enrolments (EFTSL), an increase of 7,485 EFTSL (3.8%) from 2023
  • 1 repeat high-risk finding identified (1 in 2023)
  • 38 repeat findings identified (32 in 2023)

Further information

Please contact Renee O'Kane, Chief of Staff, on 9275 7347 or by email.

Universities 2024