There are still significant financial challenges due to the COVID-19 pandemic but the University of Wollongong remains on its planned path to restoring financial sustainability.
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That's the message UOW chief operating officer Damien Israel delivered to staff and students on Thursday.
Mr Israel also spoke to the Mercury about how UOW was looking to steady the ship going forward.
He said in 2019, before the pandemic struck, the university received $687 million in revenue.
Using information recorded up to June 30 this year, UOW forecasted it could end up with $636 million in revenue by the end of 2021, some $51 million less than it banked in 2019.
Though Mr Israel said achieving the forecasted revenue was now highly unlikely.
"The thing that has changed substantially since then is the lockdown is continuing and the international borders for international students remain closed, so any pilot programs are still on hold," he said.
"We are a bit uncertain now the $636 million is going to be achieved by the end of the year.
"It is still too early to tell by how much we will fall short of that figure."
The Federal Government has helped universities with short-term financial assistance in the form of additional funding for research and domestic student places. However, these funds only go a small way to the gap left by the decline in international students.
"We hoped international students would start to return to us in more significant numbers in 2022 through quarantine plans prepared with the NSW government. However, this is looking less likely. This means we need to persevere with the financial plans we have put in place," Mr Israel said.
UOW has had strong enrolments of domestic students in 2020 and 2021, which is promising but with recent changes to Government policy this does not necessarily translate directly into equivalent additional funding.
Mr Israel said the lack of international students and prolonged lockdowns were presenting significant challenges.
"The over-riding message [to staff] today was the plans we put in place right at the start of this pandemic are playing out the way we thought they would," he said.
"The university has adjusted its costs with the help of the staff, because they have taken a pay cut.
" I thank staff their continued support as we navigate this challenging period. Together, we are addressing our current challenges and creating a stronger university that will thrive for many decades to come."
National Tertiary Education Union (NTEU) UOW branch president Fiona Probyn-Rapsey said the update was in response to the NTEU and CPSU pushing management to provide more detail and clarity on finances.
"Staff welcome management providing answers to questions we have been asking for awhile now," she said. "It's good to see management sharing information with staff.
"But the discussions will need to continue because it is not yet clear that management is fully committed to prioritising staff over and above real estate, buildings and other ventures at the margins of UOW's core business of teaching and research."
Mr Israel added UOW's financial outlook continued to be challenging, but it was on the planned road to recovery.
"The core objectives that continue to guide all financial decisions are to maintain the capacity to deliver and strengthen the student experience and support our frontline teaching and research staff. We want to advance many strategies and activities; however, it is still not business as usual, and we must remain prudent," he said.
Ms Probyn-Rapsey added returning staff pay and conditions , building back teaching and research and student support was not only prudent but also vital.
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Agron Latifi
Wollongong born and bred. I love reporting about the Illawarra region and have been doing it for more than 20 years. I've moved into sport recently after covering the education round for the last five plus years for the Illawarra Mercury. It's been a great pleasure.
Wollongong born and bred. I love reporting about the Illawarra region and have been doing it for more than 20 years. I've moved into sport recently after covering the education round for the last five plus years for the Illawarra Mercury. It's been a great pleasure.
