vice chancellor salary australia 2020

• 8 September 2023

Mark Scott, who picked up the reins at Sydney University last July and delivered Australias largest-ever university surplus, earns a base salary of $982,800 a year, with a potential 20 per cent bonus increasing it to $1.15 million. Accounting for vice chancellor's salaries - campusmorningmail.com.au Executives get paid more than their work is worth, but less than the cost shareholders would incur in more closely monitoring them and executives are freed up to act entrepreneurially. There is evidence that remuneration setting tools, such as remuneration tournaments and benchmarking, are influential in driving up remuneration. If they lose confidence in you, its game over. His predecessor, Michael Spence, earned more than $1.6 million in 2019, which included rent-free accommodation in a Victorian mansion in Sydneys Woollahra that has since been sold for $9 million. If pro-rata earnings are calculated for leaders who did not serve a full academic year, the pay packet is even higher, reaching A$939,000. /Type /Page The time for the UCC to talk about transparency is over it should act now, given that universities are engaged in enterprise bargaining and have seen significant staff cuts. >> 2 It is not relevant to name these universities. Following Jarratt, the government established a series of national funding councils that allowed it to steer universities at a distance using financial levers (Shattock, Citation2012). He also donated $40,000 to a student hardship fund. /ProcSet [/PDF /Text] /Type /Page stream But Melbourne University emeritus professor Frank Larkins said vice-chancellors high salaries reflected the increasing demand that Australian universities operate like businesses, including chasing ever more revenue from international students in order to fund their operations and cross-subsidise research. >> Copyright (c) 2021 The author(s). /Font 35 0 R (Bachan & Reilly, Citation2015, p. 70). Emeritus Professor James Guthrie AM, Professor of Accounting, Macquarie Business School, Source: 2019-2021 Annual and Financial Reports, Note 1: salary bands were disclosed in annual reports, the high end of the pay has been used for the table. Schmidt calculated his initial vice-chancellor's salary - which was $150,000 more than his 2020 pay packet - by benchmarking himself against international equivalents and the professoriate . From the 1960s this role was undertaken by the Universities Authorities Panel and, from 1987, the Universities and Colleges Employers Association both employers associations (Rani, Citation2009). Award winners will be celebrated during a reception at the UC Tech. The modesty of the venue fits with Schmidts world view. /Count 12 While any remuneration for board memberships is not disclosed, non-executive directors of large publicly listed companies such as CSL can receive in the vicinity of $1,000,000. To learn about our use of cookies and how you can manage your cookie settings, please see our Cookie Policy. %Bsa3, DETUROPE - The Central European Journal of Tourism and Regional Development. "If Alan Joyce comes up with $10 billion in strategic options he's worth the $5 million they pay him.". >> University vice-chancellors' pay is "ridiculous" compared to their overseas counterparts and COVID-19 has exposed the inability of most of them to deliver the performance that would be expected if they were earning the same money in the private sector, say two leading business academics. /Font 22 0 R To request a reprint or commercial or derivative permissions for this article, please click on the relevant link below. endobj /Pages 2 0 R Market-based salary setting mechanisms, such as benchmarking, appear to drive these increases. /Parent 2 0 R How Australian vice-chancellors' pay came to average $1 million and why Ive got enough, Professor Schmidt told AFR Weekend during his Lunch with the AFR. This does not address the underlying weakness in university governance that enabled vice-chancellors remuneration to escalate in the first place and thus suggests that once university finances are restored, the problem is set to return. Benchmarking is a technical exercise whereby universities pick comparator organisations and pitch senior staff salaries at similar levels. Another $100 million came from the sale of land to the NSW government, while philanthropists responded to the pandemic with open chequebooks. /R14 61 0 R But unfortunately as weve seen in this crisis, the vice-chancellors have really come up with nothing. Essaji and Horton (Citation2009) suggest that rent-seeking may explain the escalation of VC remuneration in Canada. In agency terms, we argue that this apparent over-compensation of VCs has two root causes. There were 22 changes to vice-chancellor appointments in these three years. Page updated 15 Price 2020 . Rockhampton-founded Central Queensland University has posted a $24.3 million loss while the Vice-Chancellor and President Professor Nicholas Klomp was paid an annual salary of up to $794,999, the . Not directly comparable: 2017 and 2016 figures not directly comparable because of vice-chancellors starting or ending their terms mid-year. If anything it's more attractive to come to Australia," Professor Smith said. These procedures outline the process and steps for researchers who wish to apply for a human ethics exemption, as permitted under Section 5.1.22 of The National Statement on Ethical Conduct in Human Research (2007). Follow the topics, people and companies that matter to you. /Rotate 0 When universities are challenged about these salary packages, they say vice-chancellors run complex businesses in competitive global markets, and their salaries reflect the work done and results achieved. The changing landscape of VCs remuneration in Australia and the UK, https://doi.org/10.1080/07294360.2020.1841741, https://www.theguardian.com/education/2019/jun/20/vice-chancellors-still-attend-pay-meetings-despite-outcry, https://www.theguardian.com/education/2018/mar/11/university-vice-chancellors-are-paid-far-more-than-public-sector-peers, https://doi.org/10.1111/j.1475-5890.2015.12045.x, https://doi.org/10.1080/13583883.2006.9967175, https://doi.org/10.5923/j.ijfa.20140304.04, http://www.ecgi.org/codes/documents/cadbury.pdf, https://doi.org/10.1007/s11162-014-9328-9, https://www.universitychairs.ac.uk/higher-education-remuneration-code-2/, http://www.educationengland.org.uk/documents/jarratt1985/index.html, https://doi.org/10.5465/amr.1997.9707180258, https://www.afr.com/news/policy/budget/simon-birmingham-attacks-university-vicechancellors-1m-salaries-20170501-gvw3lg, https://doi.org/10.1177/031289629101600103, https://doi.org/10.1007/s10734-009-9249-2, https://doi.org/10.4284/0038-4038-2011.215, https://www.timeshighereducation.com/features/chalk-it-oversight, https://blogs.kent.ac.uk/economics/2018/05/24/university-vice-chancellor-pay-performance-and-asymmetric-benchmarking/, https://doi.org/10.1080/07294360601166786, https://doi.org/10.1080/13603124.2019.1631387, https://www.hesa.ac.uk/data-and-analysis/finances/table-11, https://doi.org/10.1016/0304-405X(76)90026-X, https://doi.org/10.1007/s10479-019-03275-2, https://doi.org/10.1080/13600800802383018, https://junkee.com/university-vice-chancellor-salary/143593, https://www.smh.com.au/politics/federal/the-nation-s-highest-paid-university-leaders-20180826-p4zztd.html, https://www.msci.com/documents/1296102/7330587/Research_Insight_Out_of_Whack.pdf/46baa603-a503-42c1-91c0-d0ef19b754b2, https://www.officeforstudents.org.uk/advice-and-guidance/regulation/senior-staff-pay/, https://www.academia.edu/4029657/Determination_of_academic_pay_in_universities_and_colleges_in_UK_under_the_new_pay_framework_the_policy_and_practice, https://www.timeshighereducation.com/news/three-four-australian-v-cs-take-pay-cuts, https://www.timeshighereducation.com/news/average-australian-v-c-pay-packet-may-top-a1m, https://doi.org/10.1111/j.1468-2273.2008.00384.x, https://www.theguardian.com/education/2018/feb/15/majority-of-university-leaders-involved-in-setting-their-own-pay, Mid-level teaching and research university, New dual sector (established mid-1990s) university. /Parent 2 0 R https://creativecommons.org/licenses/by/4.0/ Australian vice-chancellors also outearn their public university counterparts in the US, where full-year pay packages averaged about $560,000 (436,000) in 2016-17, according to the latest survey conducted byThe Chronicle of Higher Education. Of the 20 highest-paid vice-chancellors in 2017-18, London Business School had the highest ratio at 12.8 times average staff pay, with the 20th-placed University of Reading having a ratio of 9.2. Turning to the highest paid vice-chancellor in Australia, The University of Melbournes Professor Duncan Maskells salary is $1,469,999, a pay cut of $44,000 from 2020. >> So there is a lot of mythology around the notion that academics in Australia are underpaid. #3 Submitted by T. on September 2, 2018 - 5:54pm, Here is the link to that article and analysis: http://www.modern-cynic.org/2013/05/08/university-leaders/, Copyright 2023 THE - Times Higher Education, Registration is free and only takes a moment, Once registered, you can read 3 articles a month, Unlimited access to news, views, insights & reviews. When challenged, they maintain the vice-chancellor leaves the room when their pay is decided. My boss the people who hire and fire me is technically the council. However, that literature does not address, because the methodology is unsuited, the governance factors that determine the allocation of remuneration. Benchmarking is the setting of remuneration by reference to analogous organisations/job roles an attempt to set a self-fulfilling market for pay (DiPrete et al., Citation2010). Averages can be misleading because of the marked variation in size and nature of UK universities, but in 20182019 at British universities with income over 30 million a year, the average VC remuneration was 281,550 [AUD 530,182], with the highest being London Business School at 609,000 [AUD 1.10 million] (HESA, Citationn.d.). Were sorry, this feature is currently unavailable. It was there that he met his future wife, Jenny Gordon, an Australian doing a PhD in economics. 6 0 obj You might also be interested in the following pages: List of Vice-Chancellor Pay & Salary Packages, Revenues and Surpluses At Australian Universities, Historical Development of Australian University Sector, ERA 2018 Outcomes Research Rankings List, University Bachelor Degree Completion Rates, QS Employability Rankings Australian Universities, ARWU World Rankings of Australian Universities. /Resources << << Between 20112012 and 20162017 UK VCs remuneration rose by an average of 3.1% a year during which time a 1% pay rise cap applied to academic staff (Hubble & Bolton, Citation2018). There has been no publicly available information; we have seen none of this activity. All my excess money I donate.. /ExtGState 44 0 R Agency theory suggests that the second means of addressing this problem is through increased surveillance governance systems that oversee, control and monitor the actions of agents (Jensen & Meckling, Citation1976). Chasing jobs around the globe, Schmidt applied for and was rejected for a post-doctoral fellowship at ANUs Mount Stromlo three times before finally being made an offer. This is unsurprising in Australia their average pay at the 37 public universities topped A$1 million in 2019. And I can honestly say I got a better education at Bartlett than any of those guys did. %PDF-1.7 Rentiers are actors purposively engaged in rent-seeking behaviour (Krueger, Citation1974). This tends to generate a race to the top pay rises in one university ripple through the others. Baimbridge and Simpson (Citation1996) correctly hypothesised that the ending of local authority control over the old polytechnics and colleges as they entered the university sector (becoming the post-1992s) would lead to a rapid escalation in VC remuneration. It will be hard for an incoming Labor government not to put the screws on those universities that made money while laying off staff.. In 1957, the Murray Report found that Australian universities were grossly under-resourced and recommended the establishment of a grants commission to advise on funding requirements (Committee on Australian Universities, Citation1957). 18 0 obj Source: public Australian universities 2017 annual reports, using mid-points of published remuneration ranges unless precise figures were disclosed. During our lunch, Schmidt tells me more than half a dozen times that being a vice-chancellor is hard, really hard. Help using this website - Accessibility statement, earnings are about half the previous figure. After 1945, the University Grants Commission (which channelled government funding) determined salaries and pay scales in consultation with the academic union. Benchmarking therefore casts an aura of market-based objectivity, but is essentially self-fulfilling (Essaji & Horton, Citation2009). By 2019, some 81% of UK universities still allowed their VC to attend remuneration committee meetings and nine still allowed the VC to vote (down from 66 the previous year) (Adams, Citation2019). Westacott joins academic gravy train as VC salaries go up and profits

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