Pay cuts, layoffs, property sales Seven Australian universities face bankruptcy risk
Education is Australia’s third largest export industry. Affected by the epidemic this year, many colleges and universities are in financial crisis. Many universities have begun to cut salaries, lay off staff and even sell off their assets. The University of New South Wales said that in order to maintain its operations, all managers voluntarily reduced their salaries by 20%; the Royal University of Melbourne and the University of science and technology announced the sale of properties in downtown Melbourne. According to the latest forecast of the Australian University Alliance, the eight most famous universities in Australia will cut 6700 jobs in the near future. At present, there are about 40 universities in Australia, and 7 universities are considered to be in high risk of bankruptcy, including some of Australia’s top universities. In order to reduce the impact of the epidemic on Colleges and universities, the Australian government will open a special entry channel for international students in September. The first batch of 300 international students will be allowed to enter South Australia.
