Australia’s higher education institutes need to reinvent themselves to survive the COVID-19 pandemic, a consultancy group has declared. The EY consultancy group predicted that by 2030 the Australian university sector would face a $5 billion (US$ 3.656 billion) to $6 billion (US$ 4.278 billion) revenue decline and a 50 percent cut of non-research positions, forcing the sector as a whole to either shut down or restructure. Additionally, it noted that one-quarter of Australian universities potentially faced bankruptcy. Drawing on interviews with over 30 senior figures in Australian and New Zealand universities, ‘The Peak of Higher Education’ report concluded that the longer-term future of Australian higher education involved much more disruption than first thought in the pandemic-hit business models. “The pandemic threw Oceania’s over-reliance on international student revenue into sharp relief–and demonstrated how universities create major systemic risk when they assume that today’s sector structure, competitors and profit pools will persist through …
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