Revealed: The big bucks behind Queensland’s elite schools

Millions in the bank, principals on huge salaries and mega-projects on the horizon – a Courier-Mail analysis of the annual reports of the state’s eight grammar schools can reveal they are sitting on a collective $120m in cash and raked in close to $180m in fees in one year.

Millions in the bank, principals on higher salaries than the Premier and mega-projects on the horizon – newly released annual reports have offered a glimpse into the inner workings of Queensland’s most prestigious schools.

A Courier-Mail analysis of the 2021 annual reports of the state’s eight official grammar schools – Brisbane Girls Grammar, Brisbane Grammar, Ipswich Grammar, Ipswich Girls Grammar, Rockhampton Grammar, Rockhampton Girls Grammar, Toowoomba Grammar and Townsville Grammar – can reveal they are sitting on a collective $120m in cash and cash equivalents, and together raked in close to $180m in fees.

Brisbane Girls Grammar School Principal Jacinda Euler emerged as the highest paid school leader of the bunch, with a total remuneration package of $578,893 – dwarfing the $427,000 salary Queensland Premier Annastacia Palaszczuk will receive from September.

Brisbane Girls Grammar School Principal Jacinda Euler. Pic: David Clark

Seven of the eight principals received a total package higher than Ms Palaszczuk’s, including Brisbane Grammar School headmaster Anthony Micallef ($575,000) and Ipswich Grammar School’s Richard Morrison ($535,000).

Rockhampton Grammar’s headmaster Phillip Moulds is paid $498,626, Toowoomba Grammar’s John Kinniburgh is on $449,000, Townsville Grammar’s Timothy Kelly gets paid $443,000, Ipswich Girls’ Grammar’s Peter Britton is on $447,839 while Rockhampton Girls Grammar’s Kara Krehlik is paid $235,160.

Meanwhile BGS recorded a whopping $59.2m in cash and cash equivalents, largely thanks to a $40m Queensland Treasury Corporation loan drawn down for the school’s new $75m state-of-the-art STEAM precinct.

The project was described in the annual report as the “most significant capital works project in the school’s 153 years history”.

The school also recorded $2m in donations, and more than $12m in Commonwealth and state government grants.

Brisbane Grammar School headmaster Anthony Micallef. Pic: Supplied

Headmaster of Rockhampton Grammar School, Dr. Phillip Moulds.

The Rockhampton Grammar School recorded more than $17m in government grants – including $14m from the Commonwealth – with $11.8m in cash and cash equivalents.

BGS, which has the highest tuition fees in the state, unsurprisingly also recorded the highest income from fees with more than $51m during 2021, followed by BGGS at $40.1m.

Several of the grammar schools came under scrutiny last year for accepting JobKeeper payments during the 2020 Covid outbreak, while still recording solid profits.

All eight schools recorded an operating surplus for 2021, ranging from $4.3m (BGS) to Rockhampton Girls Grammar School ($386,926).

Originally published as Revealed: The big bucks behind Queensland’s elite schools