CQUniversity takes action to improve financial sustainability
Published on 22 May, 2013Media Contact:
CQUniversity Australia is taking action to improve its ongoing financial sustainability, in the wake of government funding cuts and a continuing international downturn.
Vice-Chancellor and President Professor Scott Bowman said the University, which has in recent years enjoyed sector-leading growth in domestic student enrolments, is proposing to undertake a voluntary separation process from Monday.
"I have consistently stated that CQUniversity is one of the fastest growing universities in Australia for domestic students, and I stand by that statement," Professor Bowman said.
"Over the past few years, we have introduced around 30 new academic programs, built and refurbished a host of state-of-the-art teaching facilities, and improved our research output and quality immensely.
"However, the University will suffer a significant financial hit over the next two years, with the Federal Government's ‘efficiency dividend' reducing funding by 2 per cent in 2014 and 1.25 per cent in 2015.
"This will be compounded by the government's decision to impose caps on tax deductions for self-funded postgraduate study, which is likely to have a direct impact on our bottom line.
"It all occurs at a time when our international student enrolments - once a significant revenue stream for the University - are at a near-historic low, due largely to post-GFC global conditions and a higher Australian dollar.
"I am confident that the proposed voluntary separation process announced today will allow the University to make some immediate savings that it can factor into the next phase of its Strong to Great journey."
Professor Bowman has invited staff to provide feedback ahead of the proposed voluntary separation process, which will be open to all continuing staff.
"We will consult heavily with staff, students and community stakeholders as part of this process, and we have invited and encouraged feedback from all parties," Professor Bowman said.
"The University is committed to ensuring the best possible outcome for all stakeholders, particularly its students."