Coronavirus – Universities’ losses could reach AU$16 billion

According to new modelling by Universities Australia, universities stand to lose AU$16 billion (US$11 billion) in revenue between now and 2023, writes Sarah Lansdown for The Canberra Times.

The peak body also has revised its estimates for the rest of the year, suggesting universities could lose AU$3.1 billion to AU$4.8 billion dollars in 2020, up from AU$3 billion to AU$4.6 billion. Universities Australia Chief Executive Catriona Jackson said the COVID-19 pandemic would affect university finances for several years.

It comes after Australian National University announced a AU$225 million shortfall due to reduced revenue and unplanned expenses due to the pandemic. The University of Canberra revealed it would have a AU$33 million deficit in 2020, rising to a AU$60 million deficit next year.
Full report on The Canberra Times site