Dear staff,
This week, I am travelling in mainland China and Hong Kong SAR for the first time since before the pandemic. It’s been great to have the opportunity, once again, to visit many of our partners. I was particularly pleased to attend the 20th anniversary celebrations of UQ’s strong partnership with the Guangdong University of Foreign Studies.
2022 financial results
Later this week, our 2022 annual report is due to be tabled in the Queensland Parliament and, once tabled, will be available on the UQ website.
Although the University and its consolidated entities reported a deficit of $310.8 million last year, the more informative financial outcome is the underlying EBITDA result, which was $34.3 million. This figure represents the additional monies available to invest in strategic initiatives. The decrease in underlying EBITDA from $355.3 million in 2021 can be attributed to two key factors.
First, we saw marked changes in market conditions that resulted in significant falls in global stock markets. This led to an unrealised investment loss of $209.3 million for our long-term investments. It is, however, important to note that the average return for these investments over the past 7 years has been 8.03% per annum.
Second, $61 million was spent last year as part of the additional Research Support Program funding received during the pandemic. This one-off government grant was recognised as income in our 2021 financial accounts, but much of the expenditure related to the program occurred in 2022.
Other contributing factors included the increased cost of electricity, staff salary increases and a small decline in tuition revenue.
Anticipating the reduced EBITDA, the University made operational savings through a series of initiatives, including the rescheduling of capital projects, reducing operational budgets in non-essential areas, and embedding saving targets into 2023 budgets.
QS World University Rankings by Subject
UQ was ranked among the world’s best in 50 of the 54 subjects assessed in the QS World University Rankings by Subject, which is the highest number of any Australian university. We also maintained our position as first in Australia for sports-related courses, agriculture and forestry, and environmental sciences. This is a great testament to what we can achieve as a team.
NHMRC Awards
Last night, the Queensland Aphasia Research Centre (QARC) received the NHMRC Consumer Engagement Award, in recognition of the Centre’s exceptional contribution to community health and medical research. I would like to congratulate Professor David Copland and the team at QARC for the life-changing work they do to help people with aphasia, their families and support networks.
Lindau Nobel Laureate Meeting
On other accomplishments, I would like to congratulate Dr Enakshi Sinniah (Institute for Molecular Bioscience) and Dr David Klyne (School of Health and Rehabilitation Sciences) who have been selected to attend the prestigious 72nd Lindau Nobel Laureate Meeting in June.
Executive updates
I am pleased to announce the appointment of Phillip Vaughan as our Chief Human Resources Officer (CHRO). After spending 7 years with Monash University, including the past 2 as the CHRO, Phillip will return to UQ to take up the position from 5 June.
I would like to extend my thanks to Shane Pitman, who has been acting in the role since February.
I would also like to express my sincere thanks to the Head of the School of Architecture, Professor Cameron Bruhn, who will be leaving UQ in early April. Cameron has achieved much in his role, and he has been a valued contributor to many of our infrastructure projects. He will retain his connection with the University through an Honorary appointment. I wish him all the best in his new role as CEO of the Australian Institute of Architects. Following Cameron’s departure, Associate Professor Antony Moulis will be the acting Head of School.
In other good news, I am delighted to announce that Professor Tim Kastelle has accepted the position as Director of the Andrew N. Liveris Academy for Innovation and Leadership.
Sharing some recent highlights from across our community
On Tuesday night last week, I attended our first UQ Talks event, which featured Distinguished Professor Aileen Moreton-Robinson discussing “The past, present, and future of Indigenous Studies”. Her exploration of this important topic was inspiring and comprehensive.
On Wednesday, we celebrated 50 years since the opening of the James and Mary Emelia Mayne Centre, or Mayne Hall as it is more commonly known, that now houses the UQ Art Museum.
Then, on Thursday night, I attended the Ventures ilab Pitch Night – a brilliant showcase of the entrepreneurial spirit of the UQ community.
This week, I was disappointed to miss the unveiling of the special mural of Kev Carmody in the foyer of Kev Carmody House. I would like to thank Kev for being so generous with his time and sharing his stories with our Indigenous students and staff.
I will be back on campus next week for what will be a short week in the lead up to Easter.
With best wishes
Debbie
