Monash University has announced the loss of 277 jobs due an estimated $350m revenue shortfall in 2020, another warning of the impact falling international student revenue is set to have on the higher education sector.
As a result of Covid-19, Australian universities are projected to lose $16bn in revenue over the next three years and many are now scrambling to reduce their costs. Earlier this week, the University of New South Wales announced almost 500 job cuts.
Monash said they had made a deal with the National Tertiary Education Union to save 190 jobs by cutting bonuses and postponing any pay increases until next year. While senior management have also been forced to take a 20% pay cut.
In a statement the university said that job losses were “an unfortunate result of the Covid-19 global health crisis across many industries,” and that they “will continue to be a reality without further government support”.
Margaret Gardner, the Monash vice-chancellor and Group of Eight universities interim chair said the group expected to cut 2,000 jobs and lose over $2bn in revenue over the next few years.
Commenting on the job cuts Gardner said, “It is happening across most universities, and in particular in the Group of Eight,” and continued by stating “the impact of the downturn in revenue has been severe”. The vice-chancellor added that “significant losses” could not be ruled out without assistance.
The Australian government has guaranteed $18bn funding to universities but proposed changes show that they will reduce contribution to degrees from 58% to 52% while also increasing fees for some courses to pay for 39,000 extra university places.
Is coronavirus Covid-19 affecting the Send My Bag service? Can I still ship?
Other relevant blogs:
Post-Lockdown Travel Packing Essentials
USA International Students Face Deportation
Queen’s University Charters Plane for Chinese Students
The Australian government is set to relax its post-study work visa rules for international students impacted by the fallout of COVID-19, a move most welcomed by the higher education sector.