VC Media Release

In order to discuss this current situation, it will be good for us to know what has been happening. I have been searching the web for media releases and newspaper articles on this issue. I will provide link so you can read the entire article. Let me start from the beginning.

On 17 October, Vice Chancellor Professor Elizabeth Harman announced that Victoria University will undertake a program of targeted and voluntary redundancies over the next six months. This is an extract of the media release. For full media release please go to: http://www.vu.edu.au/About_VU/Media_Releases/VU_to_future_proof_itself_for_new_competitive_education_environment/indexdl_93897.aspx

VU to future proof itself for new competitive education environment
17 October 2008

"While the University has been consistently returning a surplus each year, we need to rebalance our budget if we are going to have the means to invest in new facilities and services to meet the growth demands of the western region of Melbourne."

"This is a matter of pre-emptive action and sound financial management. Without action now, we could face difficulty by 2010 - which would short-change the communities we serve."

"We are making substantial budget savings across the University and while this will include non-salary savings, cost reductions can only be achieved by substantial savings on salaries. At 65 per cent, salaries are by far the largest component of VU's expenditure."

"The bulk of the savings, $16.5 million will be made in Higher Education faculties where there is a concentration of small units and courses. We expect these to be adversely affected also by Australia's declining population of school leavers - forecast to be 5 per cent over the coming decade."

"Vocational and Further Education schools will make a small contribution of $2 million in 2009 as they gear up to provide more training."

"Administrative areas that support the main education and research functions of the University will contribute salary savings of a further $8.5 million."