This analysis reveals there is no financial crisis at the Australian National University (ANU). Audited financial statements show that the ANU generated a $90 million surplus in 2024 and increased the value of its net assets. Despite such strong financial results, the ANU leadership justifies cuts to staffing and courses by pointing to ‘underlying operating deficits’ of $142.5 million in 2024. This paper outlines items the auditor included and that the ANU leadership rejected.

The paper finds the underlying declared deficit changes the audited result in ways that cannot be justified. They appear designed to present a ‘crisis’ that is contradicted by the audited financial statements. The analysis shows that to get from the audited surplus of $89.9 million to an unaudited deficit of $142.5 million, $232.4 million revenue has been left unaccounted for.