Victoria University’s (VU) finances have gone from red to black in the space of 12 months according to its annual report tabled in state parliament on May 13.
The western suburbs-based university recorded a surplus of $66.1 million, an $84 million turnaround from the $18.1 million deficit recorded in 2023.
Of Victorian universities, only Swinburne, which recorded a profit of $71 million, achieved better financial results in 2024, with most others, including Melbourne, Monash, Deakin, La Trobe and Federation recording significant deficits.
The driving force behind the turnaround was VU’s its continued growth in students, with 49,106 enrolled at the university in 2024, its highest number in more than a decade.
VU Chancellor and former Victorian Premier, Steve Bracks AC, attributed the result to the university’s unique teaching model.
“The VU Block Model® has gone from strength to strength and is certainly one of the most important factors in our success,” said Mr Bracks of the teaching model where students study one subject at a time in four week blocks.
Of VU’s enrolments, 37,000 were Higher Education (HE) students and 12,000 were in Vocational Education and Training (VET) courses.
Almost 70 per cent of VET students were from the western suburbs, while just under half of HE students came from the area.
Early childhood education proved especially popular, with enrolments rising 4,000 in 2024, up from just 600 in 2020.
The report also highlighted a $20 million joint-commitment between VU and the state government to launch Australia’s first centre of excellence in paramedicine and a landmark partnership with Orygen, the Royal Melbourne Hospital and Parkville Youth Mental Health and Wellbeing Service (PYMHWS) to launch an integrated care model at VU’s Werribee Campus.
In research, the university climbed to one of its highest ever positions in the Times Higher Education Young University rankings, coming in at number 70.
