UNSW to borrow for capital works Australian Financial Review | 3 June 2013 University of NSW vice-chancellor Fred Hilmer says the university will borrow money to fund capital works in the face of government funding cuts that equal a $30million annual hit to the budget. The university is investigating options for borrowing at least $150million more. The life of the loan would likely be 10 to 15 years.UNSW logo “We expect a future government would come up with a funding model that will resource universities properly and allow us to repay the loan,” Hilmer said, adding that the university’s priority was to continue with capital works already in the pipeline, including new buildings for biosciences and mechanical engineering. While UNSW recorded an operating surplus of $92.8million in 2012, when donations, grants and other funds for specific capital and research projects are excluded, the operating result is $13.6million. It is the latter result that reflects the underlying financial situation of the university more accurately. Hilmer said it is a slim surplus for an enterprise of the size of UNSW, with a total revenue base of more than $1.5billion.
Posted on: Tue, 11 Jun 2013 05:43:11 +0000
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