Dear staff,
Our 2023 annual report was tabled in the Queensland Parliament yesterday, and a copy is published on the UQ website.
In 2023, the University, including its controlled entities, reported an operating result of $126 million. This positive result was driven by significant revenue returns of $261.2 million on UQ’s medium- and long-term investments, as well pragmatic budget controls.
The more informative figure is our earnings before interest, taxes, depreciation, and amortisation (EBITDA). In 2023, the University (excluding controlled entities) reported a normalised EBITDA (before investment returns) of $93.3 million, representing 4.2% of revenue. This falls short of our 10% target, which is critical to enable investment in campus infrastructure, services and digital systems to improve the experience for staff and students.
Over the coming 2 years, the University will continue to implement initiatives to achieve our 10% EBITDA target as part of the P25 (previously Project 2025) program of work. This will include managing spending, growing revenue, looking at the phased timing and scope of capital projects, and the future operating models for University assets. More details on this program of work will be shared across our major forums over the coming weeks, including at the next All Staff Forum that will be scheduled for May 2024.
Pulse Survey Results
Thank you to everyone who completed the Pulse Survey. The insights we obtain from this kind of direct feedback are invaluable and will help to inform our decision making going forward. So, I really appreciate you taking the time to share your thoughts.
We had a great response rate, with 77 percent of staff completing the survey, which is up 3 percent from the 2022 survey. We will now take some time to analyse the results and identify the common themes across and within different work areas, and your leaders will share these with you in the weeks ahead.
Research Funding
Congratulations to Dr April Reside and Associate Professor Karen Cheney from the School of the Environment, who have received more than $110,000 through the Queensland Government’s Threatened Species Program to help protect some our state’s vulnerable species.
Dr Reside will study the impact of habitat loss and degradation on endangered Queensland reptiles including the Condamine earless dragon, and Dr Cheney will strengthen understanding of the White’s Seahorse’s population and distribution in South-East Queensland. This is important research to inform mitigation strategies to help safeguard the future of Queensland’s threatened fauna.
I hope you all have a restful Easter long weekend. Enjoy the break and take care on the roads if you’re travelling.
With best wishes
Debbie
