The sector as a whole broke even for 2023, but this was only because of fair value gains on investments recorded as income. The sector otherwise would have recorded an overall net deficit for the year, a continued declining trend from 2022. 

Revenue from international students grew, while domestic student revenue growth remained flat when compared to 2022. Overall, revenue earned from teaching students has not fully recovered to pre-pandemic levels, however moved positively since 2022.

We gave clear audit opinions for financial reports across the Victorian public university sector. Parliament and the community can confidently use these reports.

Download a PDF copy of Appendix D: Victoria's 2023 list of SSRs.

Download a PDF copy of Appendix C: Audit scope and method.

Download a PDF copy of Appendix B: Abbreviations, acronyms and glossary.

Download a PDF copy of Appendix A: Submissions and comments.

Departments collaborate through the Risk Committee to identify and describe SSRs. But the processes departments use to determine SSRs lack rigour.

All departments have programs and reforms to manage their organisational risks and responsibilities. This includes coordinating with other agencies on shared risks. But only DFFH has checked that its work appropriately manages the statewide implications of the SSRs it leads.

DTF does not link its budget advice to the Treasurer and Assistant Treasurer with the financial implications of SSRs. Only DGS and DPC have linked their budget submissions to SSRs since 2019. This is a missed opportunity to inform government of SSRs' implications for Victoria.

The Framework does not sufficiently explain what individual agencies need to do to manage SSRs they share with others. It lacks detail on what they should include in their own risk management frameworks and what they need to do when they take a lead role for an SSR.

The Framework does not clarify what the Risk Committee and the Secretaries' Board need to do to support agencies or to advise government on SSRs. It also does not explain what DTF, the Department of Premier and Cabinet (DPC) and the Insurance Authority need to do for SSRs.