The Australian Department of Education on 28 November 2025 released its annual Finance Tables for 2024, providing data from the 2024 financial statements for Australia’s universities.
This release provides the opportunity for a look at the extent to which universities in Australia relied on revenue from fees from international students in 2024. It is important to note that this release covers 2024.
In 2024, the 42 Australian universities had total revenue of $45.17 billion, from $39.96 billion in 2023., and total expenditure in 2024 of $43.03 billion, a gross surplus of $2.14 billion. 27 universities were in surplus in 2024, including all Group of 8 universities. 15 universities were in deficit in 2024.
The 42 Australian universities in 2024 earned $12.33 billion from international student fees, 27.3% of gross revenue, from $10.15 billion in 2023. Compared to the $12.33 billion in international student fees, Australian government funding in 2024 aggregated to $21.2 billion.
In the first perfect storm, revenue from international student fees was flat at $3.88 billion in 2010, $4.12 billion in 2011, $4.13 billion in 2012 and $4.29 billion in 2013, then grew to $7.46 billion in 2017, $8.84 billion in 2018 and $9.98 billion in 2019, before the second perfect storm saw a drop to $9.22 billion in 2020, $8.72 billion in 2021, and $8.57 billion in 2022, then $10.15 billion in 2023 and $12.33 billion in 2024.
Revenue from International Students $ billions
In the 42 universities, revenue from international student fees in 2024 made up 27.3% of total university revenue, from 25.4% in 2023 and 24.7% in 2022.
In the first perfect storm, the proportion was flat at 17.6% in 2010 and 17.5% in 2011, then dropped to 16.4% in 2012 and 16.3% in 2013, then grew to 23.3% in 2017, 26.2% in 2018 and 27.4% in 2019, before the second perfect storm saw a drop to 26.6% in 2020 and 22.5% in 2021, then 24.7% in 2022, 25.4% in 2023 and 27.3% in 2024.
Proportion of Revenue from International Students
The Australian Department of Education’s November 2025 release Finance 2024: Financial Reports of Higher Education Providers at https://www.education.gov.au/higher-education-publications/resources/finance-2024-financial-reports-higher-education-providers is worthy of more detailed analysis.
Please keep an eye on the What’s New page of www.spre.com.au.
