AUSTRALIA: Top university slashes 220 jobs - Geoff Maslen, University World News

The global financial crisis has struck one of Australia's leading universities with Melbourne University's shock announcement last week that 220 full-time equivalent academic and administrative staff positions would be cut following a A$30 million (US$25 million) decline in investment returns. In an email to staff, Melbourne Vice-chancellor Professor Glyn Davis said the crisis had devastated investment returns. Davis said an ''economic response programme'' would result in 50 academic and 50 administrative staff taking voluntary redundancies while another 120 jobs would go by imposing limits on contract renewals, a freeze on hiring, and attrition.