The University of Newcastle is expected to miss out on tens of millions of dollars in revenue as a result of the impact of the COVID-19 pandemic.
In an update to staff, Vice Chancellor Alex Zelinski said the loss of income from international student fees, commercial income, interest and dividends would likely be in the order of $58 million this year.
The university is currently looking at potential cost savings to cushion the economic blow,
However the National Tertiary Education Union says the university should not use the loss to justify cuts to staff positions and conditions, saying the lost revenue was the same amount as the surplus achieved in 2017.
NTEU branch president, Dan Conway says the university has significant cash reserves and investments available, along with substantial lines of credit which it can use to minimise the impact on staff.
"We believe the university will not be able to justify requiring any cuts to staff conditions or staffing levels as a result of the crisis in light of the decision to peruse $168 million capital expenditure this year," he said.
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| Vice Chancellor Alex Zelinski says UoN likely to lose $58 million from its bottom line in 2020 Picture: newcastleherald.com.au |
