RACGP achieves financial surplus ahead of schedule

A ‘period of consolidation and growth’ has allowed the RACGP to erase its operating deficit ahead of schedule, according to the college’s 2023–24 Annual Report.
 
The report revealed the RACGP has made a ‘full recovery’ from its 2022–23 deficit, ‘realising its three-year recovery plan one year early’.
 
The college started the year with a budgeted operating deficit of $1.9 million, as well as several revenue and cost control measures.
 
But in 2023–24, it has turned that around, achieving a surplus of $19.7 million, and a revenue increase of 18% from the year before.
 
It said several ‘one-off gains’ improved the surplus, including the WONCA World Conference, additional exam fees due to increased participation, and capitalisation under the Australian General Practice Training (AGPT) grant.
 
‘Excluding the one-off gains, the underlying surplus is $5.3 million,’ it said.
 
‘The college looks to remain vigilant on spending and aims to ensure that budgets are continually aligned with its strategic operating plan.’
 
The surplus comes after the RACGP enforced a cost reduction program in 2023, with an operating deficit of several million dollars forecast.
 
This program included reducing employee numbers, investment into automation systems, and reducing travel and consultant costs.
 
In her foreword, RACGP Chair Dr Lara Roeske said the 2023–24 financial year represented a period of ‘consolidation and growth’ for the RACGP, with operations returning to normal after three years impacted by the COVID-19 pandemic.
 
‘I would like to thank all members for the continued support you provide, including countless hours of voluntary effort,’ she said.
 
‘We celebrate and acknowledge the critical role each of you has in keeping Australia healthy.’
 
The RACGP is also celebrating a record membership, cementing its place as Australia’s largest medical college and representing 50,497 current and future GPs across the country.
 
This is made up of 29,122 Fellows, 7833 students, 6241 GPs in training, and 7301 other members including vocationally registered non-Fellows, non-vocationally registered GPs, and retired GPs.
 
The top five countries where members received their qualifications, outside of Australia, were India, the United Kingdom, Sri Lanka, Pakistan, and Bangladesh, and 18,679 members have a qualification from a non-Australian university.
 
The RACGP now has 412 Aboriginal and Torres Strait Islander members, 9402 rural members, and 14,105 regional members.
 
Meanwhile, results from the Member Engagement Survey show that RACGP members see fair remuneration and changing regulations as the biggest challenges facing the profession.
 
‘Members place great value on having a connected community. While the RACGP’s performance is generally positive in this space, opportunities for improvement remain,’ the report said.
 
‘Attracting the next generation of GPs to the profession should be a high priority for the college.’
 
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GPs in training RACGP Annual Report