Five of Go8 Post Operating Losses for 2008. (November 23, 2009)

An article in today's Campus Review by Julie Hare reveals that the Global Financial Crisis had a marked effect on the finances of Australia's sandstone universities.

The deficit for The University of Melbourne was $210 million,

The University of Sydney = $158 million,

ANU = $110 million,

The University of Western Australia = $66 million,

The University of New South Wales = $58 million.

Ms Hare also notes: "Four non-Go8 universities were also left in the red: Wollongong ($1.2 million), Newcastle ($1.4 million), Notre Dame ($2.4 million) and Batchelor Institute, $288,000)."

Dr Gavin Moodie, principal policy adviser at Griffith University made the point that overall: "Universities’ operating results fell from a surplus of $1.4 billion in 2007 to a surplus of just $354 million in 2009 – a fall of 47 per cent."

The deficits are the result of the fall in dividends from the universities' investments. Andrew Norton, policy and government relations adviser at the University of Melbourne told Ms Hare "There was an 11 per cent increase in money received from the Commonwealth Grant Scheme and other grants, reflecting increased numbers of Commonwealth supported places and subsidy increases for some disciplines announced in the last Howard budget. There was also a 13 per cent increase in overseas student revenue".

Interestingly the value of donations rose 33% over the preceding year.

However, one thing is certain, these figures do not add up to our Go8 universities finding themselves in a position to attract disaffected high fliers from University of California campuses to the Antipodes.