The Australian National University has turned an expected $17.7 million deficit into a net $232.4 million surplus in 2021 after it slashed hundreds of jobs in response to the COVID-19 pandemic.
The university had an operating surplus of $30.2 million in 2021, after the university budgeted for an operating deficit of $120.5 million.
University management said the difference between the forecast deficit and the actual surplus was due to $51.5 million from better income, including from student retention and revenue from government grants and consultancies.
Unfilled positions saved the university $45.9 million and restrictions on travel and fieldwork saved $53.3 million.
The net result of $232.4 million includes income from investments and insurance proceeds, which cannot be used for operating expenses.
The university received $50 million in insurance payouts to repair buildings damaged in the 2020 hailstorm and is expected to continue to receive insurance payouts for several years.
The university had $71 million of research support program funding from the government in 2021, which will be spent over 2021 and 2022.
The institution is expecting to return operating deficits in 2022 and 2023. It plans to break even in 2024 and reach a small surplus in 2025.
The ANU cut 352 full-time equivalent jobs between June 2020 and December 2021.
The university shed 467 full-time equivalent positions as part of the recovery plan, with plans to hire 145 people in newly created roles.
Management has pledged to hire people to fill vacant positions and increase travel and fieldwork this year.
"The past couple of years have been among the most challenging in our 75-year history," an ANU spokesman said.
"While 2021's final financial figures were not what we budgeted, the sacrifices we have made in recent years were necessary for our ongoing success as an institution so we can fulfil our unique mission as the national university."
National Tertiary Education Union ACT Division Secretary Dr Lachlan Clohesy said the surplus was great news for the ANU but it was made possible by the hard work of staff.
"ANU staff are not only doing their own jobs well, but taking on the workload of others to cover vacant positions," Dr Clohesy said.
"It is now time for ANU to address workload and cost of living pressures by valuing and rewarding their hard-working staff."
ANU Branch President Millan Pintos-Lopez said ANU staff saved the university $20 million across two years by deferring salary increases in 2020.
"It is now time to reward staff for their hard work, in an environment where cost of living pressures are increasing," Mr Pintos-Lopez said.
