Steven Joyce22 August, 2011

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)
� W�nanga 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
� W�nanga 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/