Corona Covid 19 punishes the Universities and teaches the lesson to International Accreditation and Recognition Agencies
Big universities, impressive facilities, attract the students with facilities.
Online learning is looked down by them as degree mills. Accreditation services ever criticize the online learning as degree making mills . Now millions of dollars have been lost. It is the lesson taught by Corona Covid 19.
Covering the real education with facilities have been removed by Covid 19.
Some might point out that we have no impressive buildings so we mention about it.Yes, online learning has been depressed for long time. Now is the time show our sustainable teaching and learning power.
Top universities lost millions of dollars
University of Sydney lost over 200 millions
List of unaccredited universities
List of unaccredited universities
All international degree accreditation systems are based mostly on facilities. Now Covid 19 stops mass gathering. How will they revise their accreditation methods? . They have made a lot of money from accreditation process. They have the responsibility to develop Corona Covid 19 Proof Accreditation system to pay back the service to worth the fees paid by the universities.
Sydney University halts spending to manage $200 million shortfall due to coronavirus
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Updated March 3, 2020 — 6.05pmfirst published at 1.00pm
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Sydney University will pause building projects and freeze recruitment as it faces a $200 million loss due to the coronavirus, with its vice-chancellor warning the hit to higher education could also affect thousands of jobs outside the sector.
The university will pause capital spending, halt expenditure on non-essential projects, freeze recruitment, and ban unnecessary international travel. It will also review all existing and new contractor and consultant roles.
The move comes as a senior NSW government minister warned of long-term impacts on research if the virus continued to prevent international students arriving in Australia.
Dr Michael Spence will be stepping down from the Sydney University's vice-chancellor role at the end of the year. CREDIT:NICK MOIR
Vice-chancellor Michael Spence said the savings measures would be effective immediately, with estimates predicting the university faces a $200 million hit to its $2.8 billion budget if some 15,000 Chinese students still stuck overseas are unable to reach campus for semester one.
"We know these measures will create some challenges, but they are aimed at ensuring we can continue to contain the financial impact of this ongoing global health crisis," he said in a statement.
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The announcement comes as a University of Queensland student living in Brisbane has become the seventh person to test positive for COVID-19 in that state.
The international student, a 20-year-old man from China, is in a stable condition in isolation in the Royal Brisbane and Women’s Hospital.
The pause on capital spending at the University of Sydney will impact equipment and infrastructure. Large buildings already contracted and under way will continue, but those not funded by external grants or philanthropy will be put on hold.
Only jobs funded by external grants or at written offer stage will proceed.
Dr Spence said university modelling shows the economic impact of coronavirus would be felt beyond the sector. Under one scenario, in which 8700 students would have to defer one semester, there would be a reduction of about $1.4 billion to the NSW Gross State Product (GSP) with about 10,700 full-time jobs affected.
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Under another, in which 15,000 students deferred the whole year, there would be a reduction of $2.2 billion to the GSP, with more than 15,000 full-time jobs affected. Under both scenarios, the reverberations could be felt until 2026.
"This modelling makes clear that the benefits international students bring when they choose to study in Sydney goes far beyond the university sector," Dr Spence said.
Vice-chancellors from the state's 10 universities are looking at mitigation strategies including cuts to research, capital works and casual teaching shifts.
"It will have an impact on employment of sessional staff - casuals and part-timers. And it will have a long-term effect on research. They will cut research and they will cut capital projects," said NSW Skills and Tertiary Education Minister Geoff Lee.
The president of the Sydney University branch of the National Tertiary Education Union, Kurt Iveson, said he was worried about casual staff who have been promised work, but were now "in the firing line for cutbacks.
"The freeze on new appointments ... is also a serious concern," he said. "Massive extra demands are already being placed on staff to reorganise teaching to try to make it accessible for students caught up in the travel ban ... It now seems we are being expected to do more with less."
Sydney University sociologist Salvatore Babones, who warned of a sudden drop in revenues from Chinese students in a Centre for Independent Studies report last year, said the university should have been better prepared.
He said it should have purchased insurance and set aside financial reserves in case there was a sudden drop in Chinese students. "If the university had heeded this advice ... it would not have been facing the austerity measures it announced today."
A spokeswoman for the university said it had looked into insurance but "there wasn't a feasible product".