University of Adelaide’s 2022 Consolidated Financial Results

The University reports a 2022 operating surplus of $12 million, compared with a surplus of $198 million in 2021, representing a decline of $186 million.

Student revenue experienced a slight decline, and salary and non-salary expenditure increased as the University returned to pre-COVID-19 levels of operation.

The operating surplus in 2022 was impacted by several one-off funding items received in 2021, which were not repeated in 2022, including:

• $60 million of research funding from the Commonwealth Government to support the establishment of the South Australian ImmunoGENomics Cancer Institute (SAiGENCI); and
• $42 million of once-off research support program funding from the Commonwealth Government to assist with mitigating the impact of COVID-19.

The decline in global financial markets in 2022 resulted in a $64 million net reduction in the return on the University Endowment Fund (a net loss of $17 million was recognised in 2022 compared to a net gain recognised in 2021 of $47 million).

The University reports a 2022 underlying surplus of $14 million, compared to $68 million in 2021.

The underlying surplus represents revenues received by the University that are not required to be directed to specific purposes, including student revenue, research training program and research support program funding and royalty income.

Future Outlook

While the University reports an operating surplus for 2022, forecasts indicate that 2023 and future years will be challenging – as they appear to be for many universities having reported deficits for 2022.

The financial impact of reduced commencing student enrolments during the pandemic is still being felt in the University’s financial results.  The University is, however, beginning to see a recovery in commencing enrolments in 2023, with new initiatives recently being implemented to attract future students.

The University will remain prudent in balancing the need for financial sustainability and managing the impact of student enrolments and inflationary cost pressures.  The savings measures implemented by the University in recent years have assisted in achieving the modest 2022 financial result and will contribute to financial sustainability in the coming years.

The University’s 2022 Annual Report and Financial Statements are available on the University Website.