Financial toll of international student decline on Deakin University revealed
Deakin University’s annual report has shed light on the impact of international students’ absences over the pandemic, with the educator recording a massive financial loss.
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The value of Deakin University’s international student market, worth $413m in 2019, has slumped to just $286.18m.
It comes as the number of enrolled international students dropped by 25 per cent in 2021 – from 14,901to 11,202.
In 2019 there were 16,616 international students enrolled at the university.
The university’s 2021 annual report revealed the total income from fee-paying onshore overseas students decreased by more than $109m between 2020 and 2021, from $395.83m to $286.18m.
In the report, it was noted this was above expectations, considering the “impossibility” of in-country study with students shut out of Australia for two years.
International student enrolments had increased in early 2022 following the borders reopening this year.
“Deakin retained a higher than expected number of international students who were part-way through their courses (in 2021),” the report said.
However, the university was still able to record a strong financial stance heading into 2022, with $79.7m in net surplus in 2021.
This was an increase on the previous year, when $17.2m was recorded in net surplus.
Chancellor John Stanhope noted in the report the university’s 2021 surplus was “significantly impacted” by the revenue declines associated with international student enrolments, but that “responsible financial cost management and investment returns ensure an overall surplus”.
“Looking forward, the expected result in 2022 is continued operating income decline,” Mr Stanhope said in the report.
“The university has sufficient cash, investment reserves and borrowing capacity to cover the expected revenue losses or increased expenditure.”
Other declines recorded at the university in 2021 included more than 200 jobs lost, with 4035 full-time equivalent (FTE) staff employed at the end of the year.
This is a reduction of 5.3 per cent from 4259 staff in 2020.
“The reduced FTE reflect the effects of (Covid) and the need to ensure a sustainable Deakin that can respond effectively to challenges and move forward in an aligned and vibrant future,” the report said.
The university also shelled out an average of $119,326 per occupational health and safety claim in 2021, an increase from the average $65,605 in 2020.
There were 4.3 reported hazards for the year per 100 FTE staff members, a jump from 6.2 in 2020.
According to the report, due to the ongoing Covid pandemic and its associated uncertainty, “it is not possible to estimate the future impact on (the university’s) operations, financial position and cash flows at this point in time”.
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