The University of Newcastle has met all of the Australian Government’s benchmarks for financial performance for universities.

Newcastle was one of only two universities in NSW to meet all four benchmarks set out by the federal Department of Education, Employment and Workplace Relations.

The New South Wales Auditor-General’s financial audit report of 10 NSW universities assessed liquidity, diversity of revenue, employee benefits and operating results in 2010.

“This is testament to the University’s sound financial management over recent years,” Vice-Chancellor Professor Nick Saunders said.

“Our student numbers are at record levels and our research income continues to grow. The University is in a position of strength.”

The report also identified areas for improvement including the use of credit cards and employment of contractors.

The report audited the universities of Sydney, New England, NSW, Newcastle, Western Sydney, Wollongong as well as the University of Technology, Sydney, Charles Sturt and Macquarie universities.