Charles Sturt University will consolidate schools of study in a bid to balance its budget after recording a deficit of $49.5 million in 2020.
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Under the proposal there will be no changes to course offerings, but 17 schools will be amalgamated into eight.
For example a new school will be formed combining the School of Agriculture and Wine Services, the School of Animal and Veterinary Science and the School of Environmental Sciences.
Nine schools will remain unchanged.
The proposal will reduce the number of leadership positions required.
Professional position were reviewed in line with the proposed changes with 16 full time jobs to go.
Interim Vice-Chancellor Professor John Germov said the proposed changes bring together like-subjects to achieve savings while minimising jobs lost.
"It is important to emphasise that although we have had to reduce the number of positions, new roles have been created and there are also vacant roles, which impacted staff will have priority to apply for," he said.
Professor Germov reaffirmed the university's commitment to remaining in Albury-Wodonga and said there were promising signs the 2021 student intake would be strong.
In 2020, more than 3,200 students studied through the Albury-Wodonga campus and as of January 28, applications to study with the university in 2021 were up 6 per cent and acceptances offers also increased year-on-year.
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The university's early offer program had more than 2,000 applications and made 1,859 conditional offers, up 164 per cent on last year.
"I assure you that we are committed to remaining an educational, research and economic pillar of Albury-Wodonga," he said.
"Contributing to the city's vibrancy and success is a role we've been proud to play for decades, and one we will continue to play for decades to come."
The impact of COVID-19 on the tertiary sector cannot be overstated, Professor Germov said, but 90 per cent of job losses at CSU to date were through 'voluntary separation'.
"Charles Sturt has fortunately not been as severely impacted as some regional and metropolitan universities," he said.
"However, we still experienced a significant drop in revenue in 2020 and project an even greater drop in 2021. We have been working to recalibrate our operating model to ensure that we can be financially and academically sustainable.
"I want to acknowledge, with the greatest sympathy, the unfortunate reality of job losses for some of our staff, and the impact this has. We have taken steps to keep the number of staff impacted to a minimum and to support those affected."