Strong financial report card for tertiary institutions

Tertiary Education Minister Steven Joyce has welcomed a report showing that New Zealand’s tertiary institutions continue to record strong financial positions.

The report, released today by the Tertiary Education Commission (TEC), shows that tertiary institutions have improved their financial position year-on-year between 2008 and 2010.

The report shows that in 2010, all sub-sectors improved on their 2008 surplus:

Universities had a combined surplus of $126 million (up from $75m)
Polytechnics had a combined surplus of $90 million (up from $25m)
Wānanga had a combined surplus of $15 million (up from $11m)

At the same time, net assets within each sub-sector have risen:

Universities from $5.6 billion to $5.9 billion
Polytechnics from $1.4 billion to $1.7 billion
Wānanga from $147 million to $256 million

"Both government and non-government investment in the tertiary sector continues to be strong with the government’s contribution increasing by 11% between 2008 and 2010. International student tuition fees and research revenues have increased by 15% and 9% respectively.

Mr Joyce says he is pleased to see that institutions are responding strongly to the government's focus on value for money and fiscal responsibility.

“While the government’s budget remains limited, it’s good to see tertiary institutions managing their finances and assets responsibly and positioning themselves to continue to make a strong contribution to New Zealand’s educational needs.”

Media inquiries: Anita Ferguson 021 243 1623

Report available at: http://www.tec.govt.nz/Tertiary-Sector/Performance-information/TEI-financial-performance/2010-financial-performance-information/