The University of Melbourne has released its preliminary financial results for 2020. The University of Melbourne today provided an update on its financial position for the year ending 31 December 2020 and its financial outlook for 2021. The University’s preliminary and unaudited accounts show an operating surplus of about $8 million for the 2020 year. This result was largely achieved through a very significant reduction in spending of approximately $360 million. It was delivered in the face of a fall in revenue of $275 million and additional costs including $60 million in student support grants. Other measures that were put in place to manage the financial impact of the COVID-19 pandemic included reducing capital expenditure by more than $300 million, drawing down on the University’s financial reserves by $120 million and increasing debt by $300 million. The University’s capacity to take these measures is a testament to solid financial management over a number of years.