The Australian National University cut hundreds of jobs and removed many courses over the past two years, saying it needed to do so to survive financially.
But growing evidence including a look at the university’s own checked accounts suggests the financial crisis used to explain those cuts may not have been real.
Research by the Australia Institute found that the ANU’s audited accounts for 2024 showed the university actually made a surplus of about $90 million and increased the value of what it owned.
But university leaders said there was an “underlying operating deficit” of $142.5 million that same year.
The difference between those two numbers comes down to about $232.4 million in income. The independent auditor counted that money, but ANU’s leaders left it out of their preferred result.
The items they left out included $170.9 million from investment funds, $16.6 million from donations, $42 million listed as other revenue and $3.2 million in restricted specific purpose fund movements.
Dr Richard Denniss, co-chief executive of the Australia Institute said claims that the university was in poor financial shape looked weak when compared to the auditor’s numbers.
The restructuring program called “Renew ANU,” started in October 2024 under then vice-chancellor Genevieve Bell. It aimed to cut $250 million in yearly running costs.
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Union figures show the university lost 635 full time equivalent positions between March 2024 and mid 2025, saving about $112 million in wages.
Staff and students felt the worst of it. In some areas, budgets for casual teaching staff were cut by up to two thirds. Tutorial groups got bigger and students had fewer elective courses to choose from.
More than 750 staff took part in a union vote saying they had no confidence in Chancellor Julie Bishop and Vice-Chancellor Genevieve Bell.
The staff union did not hold back. NTEU ACT Division Secretary Dr Lachlan Clohesy said there was no financial reason for the cuts. He pointed out that ANU had overestimated its 2024 deficit by $60 million.
Bell resigned as vice-chancellor in September 2025. Interim leader Professor Rebekah Brown said she would review all parts of the Renew ANU program.
The university then announced it would stop future forced redundancies under the scheme, though changes already put forward would still go ahead.
The Australia Institute’s research said clearly that the audited accounts showed no sign the university was in a financial crisis.
For the hundreds of staff who lost their jobs and the students now dealing with fewer courses and less support, the big question is whether the ANAO review will back up what the numbers already seem to show.
