The University of Melbourne’s 2024 annual report was tabled in Victorian Parliament on Tuesday, May 13.
Capturing the period between January 1 and December 31, 2024, the report outlines the university’s achievements last year and explores its impact on society, locally and globally, through teaching, learning and research endeavours.
The report also details the university’s financial performance, with an operating deficit of $99 million for 2024 following 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 and 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.”
The report is available at: about.unimelb.edu.au/strategy/annual-reports/2024-annual-report
