CSU reported a $15.5 million deficit for 2020, down from their projected deficit of $49.5 million.

However, the Universities Audit Report for 2020 found the institution failed to report more than $34 million in grants as revenue, bringing its finances to a surplus of $19.5 million for the year.

The report, released on Friday, found the grant money is considered as revenue under new accounting standards, bringing CSU into a net profit for the year, while it also said a review found staff had been both under and over paid. The university has yet to release a figure on any wage discrepancies.

The reported surplus would make the university one of just four in the audit to make a profit in 2020, despite their significant spending cuts. However, CSU's interim vice-chancellor Professor John Germov rejected the finding.

"While our overall result will be reported as a surplus of $19.5 million, this included over $34 million in one-off grants that were recorded as revenue but directed entirely to capital works," he said.

The "operational deficit" reported by the university remains at $15.5 million.

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Dr Helen Masterman-Smith of the National Tertiary Education Union said if the surplus is indeed indicative, it proves the university's spending cut of 9.2 per cent overall was "too severe".

Professor Germov reiterated CSU's financial outcome was a $15.5 million deficit, but described the result as a success achieved through the "swift and urgent" budget changes.

"We're well on track to break even by the end of 2021 [which] is an absolute success," Professor Germov said. "It's not just because of our expenditure control and our hard decisions, but we've also looked to grow in key areas."

Those changes included around 200 job cuts, a rise of 5 per cent in domestic enrolment numbers and the amalgamation of several disciplines into single schools to save on administration costs.

Professor Germov said the decisions made were difficult but necessary to secure a stable future.

"It's been a tough time for the sector and it's been awful that we've had to make these tough decisions," he said.

Dr Masterman-Smith said reports from faculty suggest the changes are far from sustainable and that "hundreds of complaints" from staff have fallen of deaf ears.

"We're currently running workload disputes because the staff cannot cope with the work since the cuts," she said. "The work hasn't disappeared, the remaining staff have had to pick up the load."

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