Analysis reveals a 7% increase in spending on key management personnel by Australian universities. Hundreds of executives are earning over $500,000, with a 14% rise in those earning this amount or more. The federal government is forming a taskforce to advise on executive salary setting.
Hundreds of public university executives are taking home pay packets of more than half-a-million dollars as the sector’s spending on key management staff exceeds $220 million a year.
In 2023, public universities spent almost $240 million on their key executive salaries, up from $224 million the year prior. Monash University has the most “key” executives on $500,000-plus pay packets in the country , while the University of Melbourne had the country’s largest overall bill for executives at $13.7 million in 2023.
In the same year, the University of NSW spent $10.3 million and the University of Sydney spent $7.6 million on key executives’ salaries. The University of Sydney does not classify many of its highly paid senior leaders, including some deputy vice chancellors, as key management in financial disclosures.
Universities would be required to demonstrate a “rigorous and transparent process for developing remuneration policies and settings for senior university staff” with consideration given to the pay rates of comparable public sector departments. Others have defended vice chancellor and executive pay as justified given their mammoth remit: running complex institutions the size of ASX top 10 companies, with more staff and huge numbers of enrolments, yet operating withNewcastle University education researcher, associate professor Jess Harris, said high executive pay was a source of frustration for academic staff.
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