The Melbourne Graduate 2026 (2025 Annual Report)

Vol. 79 No. 1

April 2026

The Graduate Union of The University of Melbourne Inc.

Acknowledgement of Country

Graduate House acknowledges the Traditional Owners of the land on which we work and meet, the Wurundjeri Woi-wurrung and Bunurong people and pay our respect to Elders past, present and future.

Annual Report of The Graduate Union of The University of Melbourne Inc

The Melbourne Graduate April 2026 — Volume 79, Number 1

Periodical Publication of The Graduate Union

Print Post Approved PP337834/00022

Incorporated Association Registration Number A0023234B

Editor: Paula Peña and Rebecca Broadhead

Email: publications@graduatehouse.com.au

Images used in this publication are the resources of The Graduate Union and publicly sourced domains.

The President's Message

It is my pleasure to present the President’s Report for the year 2025. Over the past twelve months, other than overseeing our accommodation and hospitality functions, the Council has been focussed on progressing the future plans for the Graduate Union. A SubCommittee with the necessary expertise, called the Gladstone Committee, was established to manage the project and bring it to a successful conclusion. That conclusion is very close to fruition, in time we hope, for discussion and determination at the AGM.

Various options for a redevelopment partner have been explored, including a joint project with Melbourne Business School which would have seen development of the whole block, but ultimately that did not proceed. Council is now very close to choosing a partner and by the Annual General Meeting, Council should be able to share this information with members.

Throughout all of this time the Council has been mindful of the objects of the Graduate Union, when also considering the best use of the now

very desirable site, the desirability of having a Ground lease whose product will enhance the accommodation facilities, provision of space for the Graduate Union and allow us to retire our considerable debt at a time when interest rates are increasing.

I’m conscious that the point has previously made that economics of running hospitality and accommodation and servicing our debt in the current environment have made it clear that doing nothing with the site is not a viable option. Our Treasurer’s thorough analysis has made it clear that we have only a limited time in which we can continue to operate if nothing changes.

Change brings challenges and opportunities, and Council wants to ensure for the membership a continued asset for the long-term future, and a vibrant Club for the membership with exciting new philanthropic opportunities to enhance our reputation. I am grateful to members for the Rules change that enabled the President’s term to be extended so that I can continue to be involved in the commencement of the next exciting phase for the Graduate Union.

I thank the members of the Gladstone Committee to their tireless work and the whole of Council for their willingness to embrace the challenges that such a large project entails and robustly interrogate options presented. Many views have been discussed and debated which is a healthy position for a Council making important decisions.

Natalie Gray, our Chair, has brought her considerable skills to bear and worked tirelessly to keep the project on track; to explore every

avenue for a development partner and to ensure we obtain a timely outcome. Her term as Chair comes to an end at the Annual General Meeting and I thank her for all that she has brought to Council over the past three years. She has been absolutely the right person to lead the Graduate Union at this time.

Despite the focus on the work of the Gladstone Committee, other committees have continued their work, and I thank the convenors for their diligence and work throughout the year. The Treasurer and Deputy Chair have ably supported the Chair in her role and Council as a whole.

Daniel Clark and his team have continued to ensure the efficient operation of Graduate House in a challenging economic and regulatory environment. Some members of Council have instigated initiatives such as mentoring and other supports for the benefit of the students making their home at Graduate House and thus enhancing their experience.

Finally, I also thank our membership who have continued their support for the Graduate Union. We have a cohort of committed and enthusiastic members.

The Honourable Diana Bryant AO KC President of The Graduate Union

Message from the Chair

I am delighted to present my third report from the Chair. The focus of 2025 continued to be the transition to redevelopment of the Leicester land in a manner that strengthens the future of the Graduate Union and its role within Parkville.

The Union continued to implement the strategic plan. The strategic plan is included in the following link: www.graduatehouse.com.au/ strategic-plan/. I highlight our purpose below.

To support Graduates with a commitment to lifelong education and a passion for the exchange of ideas.

The Council acknowledges that graduate student accommodation is continuing to be developed by Melbourne University and the private sector. Our programming includes on site and hybrid activities. The standard of engagement and flexibility in member services is foremost in our vision. As directors, we need to be able to adapt to needs in the future in a financially responsible way to ensure our sustainability over time.

The legacy and continuing relevance of the Graduate Union is a challenge and privilege

to steward. Cr Ross and I visited the most comparable clubs in the United States, including the Harvard Club in Boston, Cornell Club in New York City and University Club of Pennsylvania in Philadelphia. We travelled with representatives of the Melbourne Business School to identify areas of possible co-operation. The tour was undertaken at our own expense. A second expression of interest process for redevelopment of the land was undertaken in consultation with the Melbourne Business School with the expertise of Property Advisor, Ben Desmond. As a result of the expressions and review of schools in the US, MBS decided to retain its current building and focus on opportunities for land it owns in the vicinity of Pelham Street. Each party decided to proceed on their own. Negotiations continue with possible ground lease parties.

A couple of statistics are provided to describe our activities during the last 12 months. Occupancy of Graduate House accommodation rose to 89.8% in 2025, compared to 88.4% in 2024. Meeting Services welcomed 10,500 attendees to events held at Graduate House, double that of 2022.

Our staff are very warm and welcoming. The food is full and wholesome, offering excellent variety and value. Nelson, Basma and their team continue to welcome members as a caring community.

Radio station 3MBS again held 2 concerts at Graduate House which were very well received. The program is continuing in 2026, with 2025 performers being Konrad Olszewski and Catherine Zhu. The Twilight Series of talks, led by member Dr. Heather Wheat, continue to offer another type of event for members to attend. All other user groups are listed on page 35 of the Annual Report.

The Vice Chancellor’s nominees, Billy Lee (Director, Alumni Relations) and Katherine Nesbitt (Director, Major Research Investment) have improved our practical connections with Melbourne University. The strategic plan highlighted the need to better understand opportunities to co-ordinate contributions to programs with alumni and research. The Graduate Union remains a member of the Heads of University Accommodation Committee. University departments and other groups continue to hold functions at Graduate House. The University is vigorously controlling budgets and so catering demand reduced.

The Graduate Union membership includes over 50 nationalities. The global engagement provides a rich environment for community life.

Daniel Clark has been outstanding in his commitment to changing external conditions. Bill Mihelakis stepped up to assist when Rosie was ill.

I thank Rosie Ellul for her commitment to the Graduate Union over the last 32 years and wish her well in retirement.

I congratulate Rebecca Broadhead (Editorial Officer) on the birth of her baby girl, Anna.

Greg Carter, Governance Secretariat, has managed all the committees to ensure that decisions are timely and well informed. Policies are being reviewed and integrated with those of Melbourne University, where relevant.

Our President, Diana Bryant has continued to represent the Graduate Union with distinction, providing confident authority during changing times, prepared to listen and call out uncertainties. Diana is highly respected by all in our community who are grateful for her presence and commitment.

Cr Jane Tisdall tirelessly analysed the financial records to increase our understanding of the operations. Her work reinforced the need to make significant changes to continue in

achieving our purpose. Supporting Jane was Cr Russell Miesner, who is a maestro in banking relations.

Cr Kylie O’Connell provided sage governance leadership to ensure that we act with integrity.

Cr Virginia Ross has provided a dynamic presence in practically driving the Gladstone Committee forward in coordinating change. Her project management skills have been very reassuring.

Cr Max Stephens has an enduring relationship with the organization and members. His understanding and cohesive behavior strengthen the Council.

The Annual Report includes a list of Council and Committee members on Page 11. All of our highly valued staff, led by Daniel Clark, are acknowledged on page 36 of this report. Everyone has worked tirelessly in a period of significant change.

Cr Molina Asthana has completed her time on Council, in accordance with the constitution. Rhys Watson and Muan Lim have completed their roles on the Finance Committee. We appreciate their contributions over many years and look forward to seeing them at membership activities and around Graduate House.

We continue to welcome you to Graduate House to share your passion for the exchange of ideas.

I am very grateful for the opportunity to steward the Graduate Union over the last 3 years. I have learnt a lot from the members and staff. I cherish the friendships.

Natalie Gray Chairperson of The Graduate Union

General Manager's Message

2025 saw The Graduate Union continuing to work effectively for the benefit and future of our Association of Graduates. It was a challenging year, particularly financially, juggling increasing expenses with the need to stabalise income. Some salient observations on 2025 include:

• A decrease in overall membership of The Graduate Union

• Graduate House occupancy rising to 89.8% in 2025, a slight increase from 88.4% in 2024

• Significant activity and progress on the Stage 1 Master Plan and ground lease project, and

• The excellent range of speakers at Graduate Union Collegiate produced strong attendance.

I am pleased to begin my report by acknowledging members of Council and Committees.

I thank the President, The Hon. Diana Bryant KC, and Chair of Council, Cr Natalie Gray, for their continued leadership of The Graduate Union. The Chairs of Committees have worked diligently throughout the year and have accomplished many tasks outlined in the Strategic Plan 2024–26. To all members of Council and Committees, thank you for the time, effort, and dedication you have shown to The Graduate Union and for advancing our association into the future.

The Council created the Gladstone Project Control Group (Gladstone PCG) to oversee the Stage 1 Master Plan development project and discussions with partners bidding for the ground lease opportunity. In 2025, significant work was undertaken, including discussions with precinct partners regarding development opportunities and with bidders on proposals. The Gladstone PCG, Council, and Committees have all contributed to the project, and it is hoped that by mid-2026, members will be presented with a strong proposal that will assist in the debt recovery of the Association and enable future financial stability.

I thank Greg Carter, who has worked with The Graduate Union for more than three years as Secretarial Support, for his outstanding work in streamlining the governance practices of Council and its Committees – an essential contribution and great support to both the Association and myself.

I acknowledge and thank Cr Lawry Grima (Chair, Facilities Committee), Cr Michael Lynch (Vice-Chair, Facilities Committee), and Cr Jane Tisdall (Chair, Finance Committee) for their ongoing support and contributions to the College, facilities, and financial management of the Association.

The Advancement Committee has been progressing research and analysis on the benefits of Membership, including developing offers and promotions exclusive to members of The Graduate Union. I thank the Vice-Chair of Council, Emeritus Professor Martin Comte OAM, and Dr Max Stephens for leading the Committee, as well as for recruiting three Resident members, Diya Gupta, Hisham Hussin and Minghao Yan to provide valuable resident perspectives.

Membership in 2025 saw a slight decline on 2024, with decreases in Life and Graduate Members. However, the Associate membership category grew as a result of the Life Member Legacy promotion. Resident membership

increased, supported by steady accommodation bookings, although with shorter stays overall.

The Advancement Committee has also initiated a research project focusing on the future of membership and its benefits. The findings of this work will assist in making important strategic decisions in 2026, including those relating to the Gladstone Project development.

The 2025 Mentoring Program was held in Semester 1 following the success of the pilot program in 2024. Excellent feedback was received from both mentors (Members) and mentees (Graduate House residents). The program continues to enhance residents’ experiences of living and studying at Graduate House and in Melbourne, while supporting their academic and professional development.

The Graduate Union Collegiate events in 2025 featured a wide range of speakers from diverse disciplines, presenting topics that were both engaging and informative. Among the wellattended events were the Twilight Lectures, held free of charge, with De Bortoli Wines sponsoring Dr Tedd Gott’s talk and providing a wine tasting for attendees. The Graduate House Series, in partnership with 3MBS, featured performances by artists such as Catherine Zhu and Konrad Olszewski, enjoyed by both members and 3MBS subscribers.

Another highlight was the Garden Party held in April at the home of Lady Josie Blyton. We are very grateful to her for generously hosting this event for members and residents.

Graduate House recorded an increase of 1.4% in occupancy in 2025, reaching 89.8% compared to 88.4% in 2024. While the beginning of the year saw a dip that affected the first semester, the second semester recovered strongly, with December being one of the busiest on record. Meeting Services experienced a decline in demand in 2025, influenced by budget constraints within university faculties and reduced delegate numbers in some organisations due to cost-of-living pressures. Adjustments to packages and offerings to better suit budget-conscious clients resulted

in some improvement; however, the decline impacted overall income for the year.

We remain very grateful to our generous donors who have continued to support us throughout 2025 and in previous years. Their contributions are greatly appreciated by the Association. Campaigns in 2025 focused on supporting the activities of the Advancement Committee and The Graduate Union Collegiate programs. Donors are encouraged to continue supporting our ongoing campaigns, including the 110th Jubilee Anniversary Endowment and the William Berry and Barbara Funder PostGraduate Student Trust.

To the staff of The Graduate Union, I extend my sincere appreciation for your daily dedication and commitment to serving members and residents. Thank you.

In October 2025, we celebrated the retirement of Rosie Ellul after 32 years of service to The Graduate Union. We extend our deepest appreciation for her kindness, positivity, and dedication to the Association, its members, and Graduate House residents. Her family’s connection spans over fifty years, dating back to her mother’s time working here in the 1970s. Rosie will be greatly missed, and we look forward to her continued connection with the Association.

Looking ahead to 2026, it will be interesting to observe the impact of increased movement in the precinct following the opening of Parkville Station as part of the Melbourne Metro Tunnel.

Key decisions loom regarding the Gladstone Development, which will shape the future direction and financial sustainability of the Association.

Finally, I thank all members of The Graduate Union for their continued support and dedication.

General

Manager

Daniel Clark

of Graduate House

Council Members

2025 – 2026

Chairperson of Governance Committee

Cr Martin Comte OAM Vice-Chairperson of Council; Co-Chair of Advancement Committee

Cr Lawrence Grima Chairperson of Facilities Committee

Cr Max Stephens Co-Chair of Advancement Committee

Cr Jane

Chairperson of Finance Committee

Governance

The Governance Committee is pleased to provide this report on its activities in 2025. The roles and responsibilities of this Committee are provided in Regulation 33.2.

Strategic priority of ‘continuing to develop our legacy’

The Governance Committee played a key role in assisting Council with the governancerelated aspects of the 2024–26 Strategic Plan, including the development and implementation of changes to the governance structure of the Association’s Committees.

The changes made to the Constitution (the Rules) and supporting Regulations over the past decade continue to enable the Association to have sound systems. These include well developed and implemented policies and procedures, and contemporary governance operations. All of which have been subjected to repeated and continuous quality control measures.

All governance meetings of the Association this year were held in hybrid format: face-toface and via video conference.

A Special Meeting was held on the 13 March 2025 with an update to the Master Plan (now Gladstone) Project provided to the Members.

The annual General Meeting was held on the 29 May 2025 with good attendance of Members, including many attending online.

Throughout 2025 the Governance Committee has played a pivotal role in the Gladstone Project and its Expression of Interest process. This was to ensure that the probity of these processes were fair and appropriate, and confidential aspects of these activities were adhered to. The Council created the Gladstone Project Control Group to oversee all activities of the Project and is made up of many Council members.

Rules

At the Special Meeting held on the 13 March 2025 Members approved the extension of the term of the President to enable the President to hold a third three-year term. Members also approved the use of electronic voting for future Council elections.

No changes were proposed at the Annual General Meeting held on the 29 May 2025. Council performance, committees and composition

The Association continued to enhance its governance structure and performance of its Committees.

The Council, Management and Staff have worked closely to ensure that Members, Resident Members and Guests are well looked after at Graduate House.

A policy review, development and amendment process was created to ensure each Committee of the Association continually reviews and understands the policies under their mandate. Each Committee has been working hard throughout 2025. The Governance Committee has worked throughout 2025 to assist with the review and updates to the many policies of the Graduate Union.

In 2024 the Council introduced a performance review process, conducted by an external agency, which provided a benchmarked assessment of the effectiveness of Council’s governance performance. Recommendations from the forthcoming 2025 performance review will inform Council’s upcoming professional development.

The Rules provide for the election of not more than nine Council Members, each with terms of (usually) three years. In 2025, we saw the retirement Cr Vincent Mirabelli after eight years on Council and three years as Chair

of Council. We thank him for his service and leadership particularly, during the ‘Covid years’ of the Association.

Cr Max Stephens was re-elected for his third three-year term, Cr Lawry Grima was reelected for a second three-year term, and we welcomed to Council Cr Kyie O’Connell (previously a Vice-Chancellor representative on Council) to Council for her first three-year term.

In September 2025, and in accordance with rule 49.1(d), Council appointed Laurice Asmar and Professor Sally Male as co-opted members of Council.

Laurice Asmar was appointed for the term of one year. Mrs Asmar brings a wealth of experience in communications and change management to Council, the Gladstone Project Control Group and Governance Committee.

Professor Sally Male was appointed for the term until the 2026 Annual General Meeting. Professor Male is a Professor of Engineering and brings a wealth of knowledge on Governance and educating to Council and the Governance Committee.

In conclusion, I thank the 2025 Governance Committee members with a special thanks to Cr Molina Asthana (Vice-Chairperson).

Cr Asthana has completed her term as Governance Chair, concluded her term as a member of the Governance Committee, and as a member of Council. I wish to thank her for her significant contribution to The Graduate Union over many years. Her contribution to the Governance Committee is of particular merit. We are also indebted to the excellent work of our Secretariat, Mr Greg Carter. I wish to thank Mr Carter for his continued professionalism and commitment to the work of The Graduate Union, along with Cr David Israel (to May 2025), Cr Natalie Gray, Prof Sally Male and Mr Greg Carter (Secretariat Support), as well as the administration staff at Graduate House.

Dr Kylie O'Connell Chairperson of the Governance Committee

As a result of the call for nominations published in the January/February Newsletter, five valid nominations have been received for four vacancies, three for full three-year terms and one to complete a term ending in 2028.

A poll will therefore be held, with voting closing at 4.00pm on Thursday, 21st May, 2026.

This election will be the first held primarily online. Most members have received an email with a link to a ballot or via postage if a member does not have an email address, or they have specifically requested to vote on paper. Future elections will be conducted online, and we encourage you to provide an email so you can vote in them.

Candidates are listed in the order in which names were determined by lot in the presence of witnesses:

Ross, Virginia #

Maisner, Russell #

Hussain, Hisham Shakir

Personal Statements from Candidates Election to Council

Dent,

Richard Comte OAM, Martin*

The personal statements, on the following pages, have been standardised only by listing the surname first, followed by other names, the listing of degrees and diplomas.

A complete listing of Council membership during 2025-2026 and additional information supplied by candidates is available on the Graduate Union website: www.graduatehouse. com.au.

An asterisk* indicates a retiring Council Member seeking re-election and a # indicates a coopted Council Member seeking election.

Stephen Luntz Returning Officer

ROSS, Virginia #

BArch (Auckland), Dip (Writing&Editing) (RMIT)

The Graduate Union faces a critical transition to rejuvenate our activities to enrich and diversify our membership services and programs.

The proposed development partnership is an extraordinary opportunity to secure the GU’s future and to support us revitalising our activities, programs and social impact.

In a time of unprecedented change, our mission to foster the robust exchange of informed, enquiring and deep thinking – the hallmarks of university education – is never more relevant, and could be a compelling contribution to the development of our society.

As we refresh how we fulfill our mission and objectives we have an exciting opportunity to value the best of our traditions, enhance the opportunities we offer our members and expand our influence.

In this overwhelming digital transition, opportunities for relating and interaction become even more important: this is what the Graduate Union does well, and will do even better.

MAISNER, Russell #

I currently serve on Council, having been appointed by the Chair, and contribute as a member of the Finance Committee and the Project Gladstone PCG. My professional background is in financial markets, treasury and governance advisory, with more than three decades advising boards and senior executives across banking, investment and not-for-profit organisations.

In my time on Council, I have focused on financial oversight, risk awareness and supporting sound strategic decisionmaking. Maintaining financial discipline while ensuring longterm sustainability is essential to the Union’s strength and reputation.

The Graduate Union holds a distinctive place as both a residential college and an international graduate network. I remain committed to supporting prudent governance, transparent financial management and initiatives that enhance member engagement and long-term resilience.

HUSSAIN, Hisham

BS (Melb), BS (Hons)(Melb), PhD (Melb)

I am a resident of Graduate House and a PhD candidate in Immunology at The University of Melbourne. Graduate House provides a unique intellectual community for scholars and alumni from diverse disciplines, and I am committed to strengthening and sustaining that environment.

Since 2025, I have served on the Graduate Union Council Advancement Committee, contributing to initiatives that support engagement and the long-term development of our community. Across the University, I have led and organised graduate conferences, professional development events, and residential programs that bring students together and foster collaboration, mentorship, and academic exchange.

As a PhD candidate who expects to remain in Melbourne for several years, I am motivated to contribute during this important period as decisions about the future of the Graduate House site are considered. I will work to ensure resident perspectives are represented and that the legacy of Graduate Union supports future generations of scholars.

DENT, Richard

BA (Melb), GradDip (Business), MBA (CharlesSturt), MSS (Charles Sturt), GAICD, GradCert (HumanRights)(Curtin)

I would be honoured to serve our community as Council Member of the Graduate Union. Since commencing study at Melbourne University in 1980, I have had a lifelong commitment to fostering equity, opportunity and wellbeing for all humanity. I have decades of experience across dozens of for-purpose Boards, and connections across business, government, academia and community. Humanity will best thrive when we nurture equity in gender, culture, pride, ability, geography and environmental sustainability.

I look forward to constructively bringing my adaptive leadership expertise, growth focus and core ethical frameworks to this role. I’ve been a CEO and Senior Executive for my adult life. I have a passionate commitment to education in the most philosophical and impactful sense. I look forward to working collaboratively with Councillors, members, residents and other key stakeholders in supporting the Graduate Union to continue to sustainably thrive and to positively impact countless lives and communities.

COMTE OAM, Martin *

BMus (Melb), BEd (Melb), MEd (LaTrobe), PhD (Michigan)

I have had a long commitment to the Graduate Union. Since being elected to Council six years ago I have worked to enrich the experience of all members, including Graduate House residents. I contribute regularly to events and activities. I initiated (with Dr. Max Stephens) the very successful Graduate House mentoring program. Three years ago we offered the Doctoral Journey program for residents undertaking their PhD. Subsequently we have offered general writing workshops for residents.

At this pivotal time in our history – with a major building project pending – I, as Deputy Chair of Council, am committed to ensuring that the principles and beliefs underlying our institution are not diminished. Our members are my priority: I want them to have a voice in our future. I want a future that builds on our past and provides ongoing rich opportunities for collegial connection, intellectual challenge, intercultural experiences, and friendship.

Gladstone Committee Update

Throughout 2025 the Gladstone Committee continued to investigate options for the future of Graduate House. Previously known as the ‘Master Plan’, this initiative has been renamed the ‘Gladstone Project’ in honour of the Leicester Street terraces. The Gladstone Committee reports to the Graduate Union Council.

Financial viability of the Graduate Union

Detailed financial analysis was undertaken to better understand the current situation of the Graduate Union and its operations, which were shown to be unsustainable. A major factor is the cost of servicing the organisation’s ~$12.5 million debt, for which we have no current capacity to address. None of our activities are financially robust, driven by rising costs, the ageing condition of our facilities, and increasing competition. Analysis also showed there is little potential to expand our existing operations enough to make a significant financial difference.

Therefore, a major transformation of the Graduation Union’s operations is needed to secure our future. The independent consultants identified three broad choices:

1. Cease operations and wind up the organisation

2. Sell all properties and use the proceeds to fund operations out of other premises (an option the members have made clear they don’t want), or

3. Engage a partner to redevelop the site through a ground lease.

Additionally, they highlighted the urgency to choose one of these paths now as the development permit on the site expires in 2028. Once the permit lapses, the value of the site decreases.

The financial analysis confirmed the need to engage in a site redevelopment – a process the Graduate Union has been exploring for the last 10 years. The major benefit of pursuing a ground lease is that the land ownership is retained by the Graduate Union. Under the lease the building and site returns to Graduate Union control after 99 years. This means a future Council can decide at that time whether to use the facilities or lease it out again for a sizeable consideration.

Engagement with developers

In 2024 our first Expression of Interest (EOI) focused on the northern terraces, due to the existing planning permit and the hope we could defer redevelopment of the southern portion. It became clear that the optimum value would be obtained by including all our land because of changes in planning regulations and the larger, less encumbered floor plate of the southern site.

In 2025 we explored a second EOI in partnership with Melbourne Business School. They withdrew from the process in late 2025. Encouragingly, several development partners expressed interest in proceeding with the Graduate Union alone.

Council is currently weighing up shortlisted proposals and will soon proceed into a Due Diligence process with a Preferred Partner. This will involve them resolving their design and financial offer. The Graduate Union will evaluate the offer with independent advisors and a property valuation.

If acceptable, we expect to execute a contract by early 2027. Construction would start in early 2028.

What this means for the Graduate Union

If Council proceeds with the development, Graduate House will close at the end of

2027. Our Partner will then build and operate a contemporary accommodation facility, expanding the number of rooms from our current 145 to over 480, with some retail and hospitality offerings at street level.

Council is negotiating to include about 500m2 of membership spaces, in anticipation of consultation with members to occur shortly.

This pathway, uniquely, offers many benefits:

• Securing the financial future of the Graduate Union

• Providing freedom for the organisation to determine its activities in line with its core mission and purpose

• Enabling a stronger focus on membership services and programs

• Responsibly enacting our financial and statutory obligations as Directors in the increasingly burdensome compliance regimes, and

• Retaining ownership of all properties.

The only other option that would enable the Graduate Union to continue to exist would be to sell our land to retire the debt. Members have already rejected this option.

While the change will be hard, this is an exciting opportunity for the Graduate Union to recalibrate itself with our purpose to foster lifelong learning and the sharing of ideas. The money received from the ground lease will allow the organisation to clear its debts and establish an ongoing revenue base for delivering member services and other programs.

Next steps

This is a significant project. It is about enabling the future of the Graduate Union: what it will be and what it will do. Member voices are needed to guide this transition. Council will soon commence a program of consultation with members to understand their aspirations for the organisation, as well as the types of programs, activities and services they wish to see. This input will inform how Council sets the Graduate Union up for its new future.

Annual General Meeting 2025

113th Annual General Meeting of The Graduate Union of The University of Melbourne

The President, Cr The Hon Diana Bryant AO KC, chaired the AGM and welcomed all Members present and online. Apologies were read, quorum was confirmed and no conflicts of interest were declared and the minutes of the AGM No. 112, held 30 May 2024, were adopted as a true record.

The President advised that the President’s Message, provided in The Melbourne Graduate, was sent to all Members prior to the AGM. The President further advised that the year had largely been taken up by Council’s focus on the Master Plan for stage 1 of the site and commended Council for embracing the opportunity we have to chart our future in an innovative way.

It was noted that at the Special General Meeting held in March 2025, Members amended the Rules allowing for the extension of term for the President and the President thanked Council for their vote of confidence in her.

Chair of Council, Cr Natalie Gray’s report

Chair welcomed all to the meeting and emphasised Council’s resolve to involve Members in the life of the Graduate Union. It was noted that Council changed the structure of its committees during 2025 to better align with the Strategic Plan 2024-2026. Key matters highlighted include:

• The Chair commended members of Council for their international efforts on behalf of the Association during 2024: Cr Asthana attended the opening of the University of Melbourne Global Studies Centre in New Delhi, Cr Comte held discussions with university representatives in London in January, The President, Diana Bryant, inspected New York University in April and Cr Ross and the Chair will be undertaking meetings in North America in mid-2025 relating to the Master Plan project. Councillors covered the cost of travel at their own expense.

• Thanks were extended to Cr Comte and Cr Stephens for the successful mentoring program.

• 2024 saw much activity with the Association’s scholarship program: The Watson family donated funds to support a woman resident to undertake additional study. The McCredie family donated funds to support postgraduate indigenous educators contributing to teaching at the University of Melbourne. The Graduate Union is supporting visiting scholars to the University. Accommodation is provided, with scholars contributing to collegiality and membership programs.

• The Chair thanked Lady Josephine Blyton who very generously offered her home for the April Garden Party and Honorary Life Member Paul Barnett for his continuing support of the Chair and his generous support of the Association.

GM (General Manager), Mr Daniel Clark’s report

The General Manager spoke to overall improvements for the Association during 2024. In particular, he highlighted:

• Overall college occupancy was 88.4% rising from 85.5% in 2023

• Challenges and opportunities with the opening of multiple new student accommodation facilities in the area. Graduate House’s college offerings remain it’s the biggest draw card.

• Membership activities lead by the newly formed Advancement Committee saw continued growth with Meeting Services, new collegiate events that were well attended, reintroduction of the Twilight Lecture Series and 3MBS Recital Series.

• Monthly Luncheons remaining a steady drawcard.

• The pilot Mentoring Program that was held in Semester 2, 2024 with members of the Association being mentors to residents of Graduate House. A huge thanks was given to everyone involved and the work by Cr Martin Comte and Cr Max Stephens. The program will be repeated for 2025.

• Scholars in Residence program to begin in 2025 with this new direction coming out of a bequest from David and Yvonne McCredie. Their bequest will allow a visiting Australian Indigenous Scholar to stay at Graduate House. Using the concept, discussions with the University of Melbourne and subsequently the Indigenous Law Hub of the Melbourne Law School will see other scholars accommodated at Graduate House thanks to the donations received.

• The General Manager thanked Council and the Committees for their hard work during 2024. He also thanked Members for their attendance at events and their bequests and donations.

• It was acknowledged that Shirley Ho, who worked as the Editor for the Association for 16 years, retired at the end of 2024 and her contribution to Members will be missed.

• The General Manager predicted a significant change to the precinct with the opening of the Parkville Metro Station in late 2025 which will see increased activity for the area. A refurbishment of University Square by the City of Melbourne is also scheduled to commence in late 2025.

• The new Member pin was highlighted by the General Manager as a stylish enhancement to anyone’s outfit.

In conclusion, the General Manager thanked the staff for their ongoing service to the community.

Financial report for the year ended 31 December 2024

The Chair of the Finance and Audit subcommittee, Cr Jane Tisdall, spoke to the Association’s Financial Report for the year ended 31 December 2024.

Cr Tisdall noted that 2024 was a year of consolidation with a focus on the implementation of strategic plan. It saw an increase in revenue, mainly from

accommodation and catering, realising an overall increase in revenue of $340K.

There was an increase in expenditure, proportionate with revenue increases. Capex expenditure, along with expenditure related to the Graduate House Master Plan project, was within budget. There was also the opportunity to pay down some debt.

Cr Tisdall acknowledged Mr Leo Santalucia, retiring member of the Finance Committee, for his tireless work over many years.

Thanks were also extended to other members for the Finance Committee for their support during 2024/2025.

Election of Council Members

Mr Steven Luntz, the Association’s Returning Office spoke of Council’s decision to move to online elections over 2025 and 2026. Though no election needed to be held this year, preparatory work undertaken will be in place for future ballots when needed.

Mr Luntz advised that there were four vacancies on Council. The Returning Officer received three nominations. Therefore, there was no requirement to hold an election.

The Returning Officer advised the outcome of the call for nominations was as follows:

• Cr Max Stephens

• Cr Lawry Grima

• Cr Kylie O’Connell

The President congratulated Councillors Stephens, Grima and O’Connell on their appointment to Council for a period of three years from Thursday 29 May 2025 to Wednesday 24 May 2028.

Appointment of Auditor

The President spoke of the Finance Committee’s satisfaction with the work of the Association’s auditor, noting his thorough and unbiased auditing of the 2024 financial operations. The President recommended to Members the re-appointment of the current auditor and it was resolved that the appointment of Mr Wayne Tarrant, of MVA Bennett, to undertake the independent audit for the financial year ending 31 December 2025 be approved.

Recognition of service

The President commented that the Graduate Union exists because people volunteer their time and their skills and that the Association is very fortunate to have people who maintain their commitment to the Graduate Union. The President acknowledged three Members who had finished a long period of service to the Association as Members of Council or as members of Council Committees:

• Cr Vincent Mirabelli – finished his term as chair of Council last year and this year he finished on Council. Cr Mirabelli had done an outstanding job in steering the Association through COVID and very difficult times. He was presented with a gift last year;

• Mr Leo Santalucia – finished his term after six years on the Finance Committee and had also been on Council. He was thanked for his generous and insightful service to the Association. He was presented with a gift;

• Ms Janette Hocking – finished her six-year term on the Advancement Committee. Ms Hocking was commended for her generous and knowledgeable service. She was presented with a gift in absentia;

• Cr David Israel – finished a three-year appointment on Council as one of the two Vice Chancellor’s representatives. Cr Israel had supported strong links between the Association and the University and was an insightful contributor to the Governance Committee. He was presented with a gift in absentia.

The President also noted the following Members who were new to governance roles during 2024-2025:

• Cr Kylie O’Connell, finishing as a Vice Chancellor representative and becoming a Member-elected Councillor;

• Cr Virgina Ross, joining Council as a Council appointee;

• Cr Russell Maisner, joining Council as a Council appointee;

• Ms Cindy Huang, who joined the Advancement Committee;

• Ms Laurice Asmar, who joined the Facilities Committee;

• Dr Sally Male, who joined the Governance Committee.

Master planning update

The Chair of Council provided to Members an update on planning and negotiations which took place during 2024. It was noted that the direction of the Master Plan has evolved and is looking to be an exciting and greatly beneficial opportunity for the Association.

• Feedback from the expressions of interest process conducted in late 2024 and early 2025 indicated that there are missed opportunities to attract top tier development partners due to a limited scope.

• Discussions with the Melbourne Business School (MBS) have brought forward potentially beneficial opportunities for both the Graduate Union and MBS. A full development of the Eastern Precinct along University Square could attract significant interest and open up the development opportunities to a broader cohort of investors.

• A joint study group from the Graduate Union and MBS is planning a trip to top tier Universities in the USA who have already developed this model of facilities and accommodation. This tour will be self-funded by participants.

The Chair undertook to keep Members informed of developments as they progress and the exciting opportunities this will provide for the Graduate Union.

The President advised that as no matters for discussion or questions from Members were received prior to the meeting, there would be limited ability to respond to questions from the floor, particularly if there were commercialin-confidence restrictions around questions about the master planning.

There were no further questions from Members.

The next AGM is scheduled on Thursday 28th May 2026

The meeting closed at 6.28pm.

Members proceeded to the Ian Potter and Stillwell Rooms for the AGM dinner. The guest presentation was by Collette Brennan from the National Trust of Victoria.

Advancement

The Advancement Committee was formed in 2025 under regulation 30 of the rules and regulations of the association with the overall activities and roles centre on the advancement of membership and philanthropic activities for the association. This includes, but is not limited to, membership, marketing, Collegiate activities, fundraising campaigns and donations.

The Graduate Union Strategic Plan 2024–26

The Advancement Committee worked hard during 2025 on membership and fundraising as part of The Graduate Union Strategic Plan. Areas concentrated on the program of events, membership marketing, Reciprocal Club connections and Graduate House Resident Member workshops and mentoring. Currently, the Graduate Union has 42 Reciprocal Club members. This number has been updated during the past year to ensure that reciprocal relationship is current.

One of the most important contributions was to the Master Plan (now Gladstone) Project, ensuring Member perspectives on the future of The Graduate Union were included.

Membership in 2025

The Advancement Committee continued in 2025 to assess and improve the direct benefits of membership for all Members.

By 31 December 2025, the Association had 1093 active registered Members (1407 including Resident Members) comprising:

• 768 Life Members (down from 826 in 2024)

• 266 Graduate Members (non-resident) (down from 272 in 2024)

• 26 Associate Members (up from 14 in 2024)

• 33 Organisation Members (up from 31 in 2024), and

• 314 Resident Members.

Overall membership fell over the year with 58 fewer Life Members, and with a small reduction in Graduate Members (non-resident).

The Life Member Legacy promotion allowed life members to join up to two family or close friends as Associate Members. This produced 14 new members, who we welcome to the Association.

Mentor Programs

In 2025, a Mentoring Program was held for Graduate House Residents in the first semester. Working on from the success pilot program in 2024, the 2025 program involved eight pairs of mentors and mentees. Huge thanks to each of them for their involvement. The focus of the program was about maximising residents’ personal and social wellbeing during their Melbourne experience, rather than academic mentoring.

Master Class Series

Leading on from the successful Master Classes held in 2023 and 2024, 2025 saw a series of workshops for residents relating to academic writing and communication skills, including preparing resumés and applications for professional positions. This proved to be of great assistance to the residents that attended, with several using the opportunity to write presentations and submit job applications.

Membership Pin

With great excitement the Graduate Union Membership Pin was launched at the Annual General Meeting in May 2025. The Pin, designed by Ingrid Tseng, was presented to all members and made available for sale. Ingrid’s

design took inspiration from the symbol of the mortarboard (graduate hat) and the (red) location pin found on digital maps.

Fundraising in 2025

The fundraising campaigns for the year focused on Advancement Support for future member activities and support for existing programs and events. Total donations from members totalled $24k in 2025. We thank all those who made donations for their generosity.

Graduate Union Collegiate Program and events

In 2025, we saw another great year of speakers and presenters at Collegiate events. The variety of speakers across the events entertained and informed Members in attendance. The Monthly Luncheons were well attended, with the highest number joining to hear Jon Fain speak in November.

The Twilight Lecture Series continued in 2025, providing Members another event option, especially if unable to attend the monthly luncheons. The popularity of the series, with two outstanding speakers, were offered free of charge, with DeBortoli Wine Company providing drinks and wine tastings at the November event.

The collaboration with the radio station 3MBS continued in 2025 with two talented pianists performing to both Graduate Union Members and 3MBS subscribers. Our thanks to 3MBS for this great partnership.

In April Graduate Houe Residents and Graduate Union Members were treated to a garden party at Member Lady Josie Blyton’s house for an afternoon of sun and drinks. We thank her for hosting the group.

The Annual General Meeting on Thursday 29 May 2025 saw close to 60 members attend, both in person and online. Afterwards, 50 enjoyed a great dinner with speaker Collette Brennan from the National Trust of Australia (Victoria).

The End of Year Celebration for Members was held on Friday 28 November 2025. This event was attended by close to 90 people and

offered great food and entertainment, with the talented Helen Kerr-Lawley performing.

The Advancement Committee is grateful to Member Dr Heather Wheat for her assistance in gathering and inviting the speakers for the events in 2025.

A great appreciation is also extended to all Members who attended the Collegiate events and visited the Dining Room throughout 2025. 2026 activities

The Advancement Committee worked through the end of 2025 to enact a research project into membership with the aim of defining the tangible benefits to membership and explore how to grow the Association into the future.

In conclusion, we extend our gratitude to the members of the Advancement Committee including: Mrs Cindy Huang, Dr Heather Wheat, Cr Natalie Gray, Cr Billy Lee, Mrs Molina Asthana, Mrs Virginia Ross (from May 2025), Ms Diya Gupta (from May 2025) Mr Hisham Hussain (from May 2025) and Minghao Yan (from May 2025). The latter three being appointed by Council as resident members. Finally, we thank the dedicated and hardworking staff at Graduate House for their warm hospitality, professionalism, hard work and support to the Members of the Association.

Emeritus

Professor Martin Comte OAM and Dr Max Stephens

Thank you for your support

Donations and bequests received during 2025

Dr Kingsley Allen

Mr Leonard Bailey

Mr Alan Bell

Dr David Theodore Bottomley

Mr Daniel Carmody

Mrs Marilyn Carr

Mrs Elizabeth Carvosso

Dr Edward Moore Cherry

Ms Wendy Cobcroft

Mr Peter Cockrum

Mrs Emily Cross

Mr Shyamal Chandra Das

Mr Richard Dent

Mr Peter Dickson

Mr Lindsay Doig

Mr Timothy Dunstone

Ms Patricia Elvins

Prof Damian Giurco

Associate Prof John Harcourt

Dr Kim Hassall

Mrs Cindy Huang

Mr Reginald Jackson

Mr Colin Rex James

Dr Margaret Kelleher

Mr Michael Kingston

Mr Kenneth Lee

Mr & Mrs George & Connie Markou

Mr Douglas Marshall

Mrs Margaret Mayers

Mr Anthony Merrett

Mr Edward J. Miller

Mr Philip Stanley Moss AM

Mr Dennis Norgard

Mr Graham Ogilvy

Ms Eira Parry

Ms Judith May Price

Mrs Janice Rayment

Dr Mary Schramm

Mr Darcy Seller

Dr Max Stephens

Ms Frances Sutherland

Ms Margaret Toomey

Ms Jane Aliscon Want-Sibley

Dr Amanda Watson

Mr John West Lau

Dr Heather Wheat

Mr Mark Worsnop

Mr Alan Wright

GRAS Foundation

Lord Mayor’s Charitable Foundation

Thank you also to the generous donors who decided to remain anonymous.

Memberships in 2025

We extend a warm welcome to the new Members of our Association.

Organisation Members

Australian Phsychological Society Pty Ltd

Continence Health Australia

Metro Trains

Life Members

Dr Alexandra Ridgeway

Mr Thomas Worsnop

Mr Alan Wright

Associate Members

Ms Collette Brennan

Ms Susan Buchanan

Dr Judith Buckrich

Austin Byard

Mr Jon Faine AM

Professor Mary Galea

Ms Angela Gilham

Dr Ted Gott

Mr Sasha Kober

Ms Helan McKean

Professor Philomena Murray

Linda Mosticone

Olivia Mosticone

Dr Catriona Nguyen-Robertson

Ms Fiona Robson

Mr Jonathan Stephens

Dr Elizabeth Ritchie-Tyo

Dr Scott Tyo

Emeritus Prof John Web

Graduate Members

Mr Peter Baldwin

Ms Shanta Davie

Mrs Genevieve Davies

Mr Bronislaw De Wilmesau Kozka

Mrs Jennifer Evans

Mr Daniel Fleming

Ms Pauline Gleeson

Mr Stuart Gregory

Mr Robert Hazeltine

Dr Anna-Nicola Henger

Professor Alun Jackson

Mr Collin James

Ms Esther Jeon

KL Joy

Dr Kathleen Kiernan

Miss Ji Lee

Dr Dawn-Joy Leong

Ms Mingye Liu

Professor David Lowe

Miss Erin Matthews

Mr Matthew Min

Mr Lee Nguyen

Dr Chinekwu Obidoa

Ms Margaret Oravecz

Mr Nicholas Prentice

Mr Fardin Razmjooei

Dr Peter Ritson

Miss Jingyi Shi

Dr Mary Shramm

Dr Stephanie Swanson

Mr Clement Teo

Mr Eu-Jin Teo

Ms Yee Ling Thang

Ms Meg Toogood

Miss Yin-Yu Tseng

Dr Nagabhushana Rao Vadlamani

Mrs Ana Romero Velandia

Dr Greg Wadley

Ms Jane Want-Sibley

Resident Members

Mr Ernest Cheung

Dr Riya Abraham

Mr Aamir Ahmed

Mr Victor Alegria-Corona

Mr Abdullah Alshajlawi

Ms Lisa Arnold

Ms Asalet Aybüke Güp

Ms Ayla Baydan

Mr Pablo Gutierrez Bedia

Mr Ryan Beerling Dolovac

Mr Indranil Bhattacharya

Ms Bethia Blond

Mr Gustavo Brito

Mr Cuong Mai Bui

Mr Zilu Cao

Mr Eduardo Cassina

Dr Bobeena Chandy

Mr Sai Charan

Mr Nikhil Chaudhry

Ms Xiaoyu Chen

Ms Xiaoyu Chen

Mr Yunhe Cheng

Ms Stephanie Christensen

Mrs Carol Christerphersen

Mr Joe Clark

Mr Frantz Clermont

Ms Sarah Louise Cohen

Ms Coral Conde Velasco

Mr Oliver Cotton

Ms Kiana Crosier-Valucava

Dr Jefferson Daniel

Ms Rosaline De Koning

Mr Scott Dickinson

Mr Jiawen Ding

Dr Jeethu Eapen

Mr Masaya Endo

Mr Kai Fischer

Ms Qi Gao

Ms Laura Gomez Aurioles

Mr Debaranjan Goswami

Dr Darshdeep Grewal

Mr Ajeeth Gunna

Mr Soenke Hansen

Ms Jing Hao

Ms Lok Yin Ho

Mr Jeffrey Hodis

Mr William Honeysett

Ms Qingyun Huang

Mr Archie Jack

Mrs Anna Jackowska

Mr Krzysztof Janowicz

Ms Yu Jiang

Mr Kirby Johnson

Mr Alex Jordan

Dr Marc Kaethner

Mr Yuki Kaneko

Ms Kajal Katariya

Miss Lilian Kidd

Miss Ahran Kim

Miss Ahran Kim

Mr Max Knop

Mr Kozue Konno

Ms Leanne Kuchel

Mr Srujan Kundapura

Mr Takumi Kuramoto

Miss Stine Laursen

Miss Yuquan Li

Ms Shiyu Li

Zheng Wei Lim

Mr Rui Shun Lim

Mr Weihao Lin

Mr Weihao Lin

Mr James Liu

Miss Kristin Marbun

Dr Emile Mardoc

Dr Simon Marshall

Mr Jakub Matusiak

Ms Kristina Mielke

Martha Mildred-Short

Ms Nidhi Modi

Dr Mahesh Moorthy

Dr Kenta Morita

Mr Ali Nejadmalayeri

Ms Raquel Obeso-Menéndez

Mr Thorben Oel

Mr Da Tong Ong

Dr Anu Oommen

Mr Daksh Pratap Pamar

Miss Yining Pan

Ms Chieh-Yu Pan

Mr Shrey Pandey

Jessica Payne-Burnett

Mr Philcy Philip

Mrs Sangeetha Piya

Sangeetha Priya

Ms Harini Raghupathy

Mr Rohit Rajput

Mr Mark Raya

Professor Johann Reger

Franziska Reichmuth

Mr James Rice

Mr Muhammad Ziyad Rustam

Dr Nael Sabah

Ms Chisa Sakurai

Ms Sanjana Santosh

Mr Abhishek Sawaika

Ms Doreen Schick

Ms Priya Sharma

Mr Haitao Shi

Mr Joe Shuangjia

Mr Tanishq Singh

Mr Daniel Smith

Ms Edith Spiers

Mr Rene Spruenken

Miss Kavitha Subramanian

Dr Gaurav Swami

Dr Deborah Sykes

Ms Maria Theodoridou

Ms Emma Tillitski

Mr Raymond Tilmouth

Mr Constantin Torve

Ms Lucia Trahorras

Ms Rashmi Venkatesan

Ms Diksha Vijapur

Sophie Vogelsang

Miss Nichakan Whangchai

Ms Olivia Wilburn

Professor Xiaoning Xu

Prof Şule Yazici Yuret

Mrs Kathryn Si-dzing Yu

Miss Lucia Zaballa Perez

Dr Oleksii Zdorevskyi

Mr Yifan Zeng

Mr Jianhui Zhang

Ms Zhuoyin Zhang

Ms Weiwei Zhao

Mr Weitao Zhou

Mr Zitian Zhou

Mr Bochen Zhu

Monthly Luncheons

2025 Monthly Luncheon Series hosted extraordinary speakers. We thank each one of them for participating and sharing their knowledge with our members.

March

Alison Vaughan

Botanical time capsules: connecting people and plants through time

Dr Vera Korasidis

A peleontological perspective of rapid climate change

May

April

Professor John Webb

Sustainable use of groundwater in a changing climate from the Nubian Sandstone to Australia's Great Artesian Basin

Carmel Shute

Why women turn to crime (fiction)

June

August

Dr Judith Buckrich Yarra Birrarung: artists, writers and the river

Angela Gillham

Australia: a big maritime nation with big challenges in times of opportunity

October

September

Professor Mary Galea AM

The Order of Malta - past and present

Jon Faine AM

The disordered mumblings of a failed shock jock

November

Twilight Lectures

Last year, we continued the Twilight Lecture Series with a wonderful lineup of guest speakers. During 2025, we made our Twilight Lectures free to Members and nonMembers, a decision that supports our ongoing commitment to fostering shared knowledge and intellectual community within the Parkville precinct.

Professor Philomena Murray University of Melbourne

Cultures, crisis and contestation: considerations on the future of Europe

September

October

Dr Ted Gott

National Gallery of Victoria

Art and detection: the role of a curator

Annual General Meeting

Collette Brennan CEO of National Trusts of Australia (Victoria)

Thoughtfully in my backyard: advocacy for Heritage-Informed planning

May

Meeting services and organisations at Graduate House

In 2025, we welcomed several groups who hosted meetings and private celebrations with us. These are some of the organisations that chose Graduate House, we thank you all and hope to keep serving you in the future.

Australian and New Zealand Association of Psychiatry, Psychology and Law

Meet the Graduate House team

My sincere gratitute is extended to all staff of The Graduate Union for their hard work and dedication.

Also, my deepest appreciation to the staff who were with us during 2025 and decided to explore new horizons. Special thanks to Rosie Ellul, whose 32 years of service to the association has helped build the Graduate Union to what we are today.

Daniel Clark General Manager

Office administration

Accomodation and reception Building services

Functions and guest services

Culinary team

Housekeeping team

At Graduate House

Facilities

The Facilities Committee is pleased to submit this report for the year 2025. The roles and responsibilities of this committee are provided in regulation 30.2.

The role of the Committee is to support The Graduate Union Management in overseeing all Graduate House buildings and their upkeep.

College ocupancy

2025 saw Graduate House continue overall good occupancy. Even with multiple new student accommodation offerings within the precinct, it is encouraging that demand for the college is still there. Overall accommodation rates have had to increase with costs.

As shown in the bar graph below, occupancy continued to grow in all months with the average occupancy for the year being 89.8%, compared to 88.4% in 2024.

In late 2025 the Council decided to explore the sale of the offsite apartments at both 24

Barkly Place and 50 Barry Street, with the latter being the priority. A real estate agent was engaged to handle the marketing and sale of the apartments. To the end of March 2026, six Barkly Place apartment sales have occurred out of the eighteen apartments owned by The Graduate Union.

Melbourne Metro Parkville rail station

Parkville Station (one of five new stations in the Melbourne Metro Rail Tunnel) was opened in November 2025, with trains beginning to run from early December. The true influence of the Metro Tunnel on the Parkville Precinct will be interesting to watch over 2026 as it is expected to dramatically change the way people travel into and around the precinct.

University Square

Stage 2 of University Square’s redevelopment of the park will begin in early 2026. This redevelopment has been in the works since 2018, with Stage 1 (southern half of the park)

completed in 2020. The Stage 2 (northern half) component was held off until Parkville Station was complete. The forthcoming work will include new open areas along Grattan Street, the expansion of the park, and inclusion of green space to the Barry Street section between Grattan and Pelham Streets.

Master Plan (now Gladstone) project development

In 2025 the Facilities Committee assisted Council in the assessment of submissions to the Ground Lease tender for the Gladstone Project Development and contributed assistance to strategic planning.

The Graduate Union Council will communicate to Members on the partnership proposals shortly.

Major projects, repairs and maintenance

The Facilities Committee, together with the Finance Committee, prioritised a capital works plan for 2025. This focused on small projects, such as replacing room air conditioners, replacement of hot water systems of the Stella Langford building, and ad-hoc repairs of key building equipment.

The Facilities Committee is working with the City of Melbourne on the removal process of sections of combustible cladding installed on the facade of the Graduate House. At the time of writing this report, this task was ongoing.

In conclusion, I thank the members of the Facilities Committee for 2025: Cr Michael Lynch (Vice-Chairperson), Cr Natalie Gray, Cr Virginia Ross, Cr Russell Maisner (to May 2025) and Greg Carter (from June 2025).

I extend appreciation on behalf of this subcommittee to the management, accommodation, housekeeping, building services and culinary teams who make Graduate House a welcoming and vibrant home and gathering place.

Cr Lawry Grima Chairperson of the Facilities Committee

Finance

2025 At A Glance

The Finance Committee is pleased to provide this report on its activities and the financial performance of the Association for the year ended 31 December 2025. The roles and responsibilities of the Finance Committee are addressed in regulation 31.2.

The Finance Committee worked closely with Council, all Committees, and Management throughout the year to implement the Association’s strategic plan, enhance its service offering, and continue work on the Master Plan (now Gladstone) Project.

2025 was a challenging year from a financial perspective. The Association operated in a more competitive environment, particularly in student accommodation, while also facing higher operating costs across several areas. Despite these challenges, the Association continued to operate throughout the year and meet its statutory obligations.

Despite the Association recording an operating deficit for the year, the Finance Committee remained actively engaged in monitoring costs, reviewing cash flow and consolidating and restructuring borrowings.

It is important for members to note that a significant portion of the reported deficit relates to an accounting revaluation of land and buildings. The downward revaluation is an accounting treatment with no cashflow impact affecting day to day operations.

Finance Committee Focus in 2025

Throughout 2025, the Finance Committee focused on several key areas including:

• Overseeing cost pressures, particularly centered around catering and payroll

• Reviewing revenue trends for accommodation, room hire and catering

• Consolidating and refinancing existing borrowings

• Supporting Council with the financial considerations associated with the proposed Gladstone Project, and

• Overseeing financial performance, identifying risks and monitoring emerging trends and issues.

Financial Performance – Operating Result

The Association delivered an operating deficit of $478.8k for the 2025 year compared with a $166.5k deficit in 2024.

1

Operating income totalled $3.9 million for the year, $29k lower than in 2024. The main sources of revenue came from accommodation, catering and meeting services, rental services and subscriptions.

Revenue from accommodation services totalled $2.4 million for the year, delivering a modest increase from 2024. The demand for student accommodation continued from 2024, with occupancy rates returning to pre-COVID occupancy levels.

Demand for catering and meeting services slowed in the second half of 2025, primarily due to fewer requests for catering-inclusive room hire services. A higher proportion of enquiries were received for room hire only arrangements.

Revenue from donations and fundraising activities contributed throughout 2025 with the Advancement Committee introducing new initiatives to supplement traditional appeal programs.

A summary of revenue sources is illustrated in chart 1.

Investment earnings remained positive due to favourable financial market conditions. Earnings for the year totalled $48.6k (2024: $45.7k), an increase of 6% from the previous year.

Operating expenses totaled $4.5 million for the year, a 7% increase compared with 2024. While

some costs reduced, reflecting lower demand for catering services, overall operating costs increased during the year.

Employment costs rose significantly with a 15.2% increase compared with 2024. The increase was mainly due to prolonged staff illness, which required a recalibration of staffing arrangements and increased reliance on casual staff. Provisions for employee annual and long service leave entitlements added to the increased cost. The Finance Committee worked with management to help cushion the operational and financial impact.

Despite continued inflationary pressures, management was able to control expenditure across most other areas.

A summary of expenditure from operating activities is shown below:

Revaluation of Land and Buildings

After accounting for the revaluation of land and buildings, the reported deficit for the year totalled $4.4 million.

As part of the refinancing process, land and buildings were independently valued. The revaluation resulted in a $3.93 million reduction compared with the previous valuation.

The revaluation is an accounting adjustment that does not have a cash flow impact, nor does it affect the organisation’s ability to deliver services.

Borrowings

Total borrowings increased by $204k during the year.

In September 2025, the Association consolidated its external borrowings into a single commercial market loan facility with the NAB. This was done to simplify funding arrangements and secure a more competitive interest rate.

The terms of the loan were determined on the basis the Gladstone Project’s proposed redevelopment will proceed.

The new commercial facility provides a $14 million loan limit and a three-year interest only term, providing the organisation flexibility as it considers its future direction centered around its members and core objectives. The Finance Committee continues to monitor debt levels and the associated risks on behalf of members.

Interest costs for the year totaled $810.5k reflecting higher interest rates and the timing of funding commitments.

Financial Performance – Statement of Cashflows

Cashflow from operating activities reduced by $96k for the year, an $81k increase from the previous year (2024: $14.7k shortfall).

Movements in cash from investing and financing activities reflected lower investment drawdowns and loan funding activity.

Overall cash and cash equivalents reduced by $54k for the year to a balance of $30k by 31 December 2025.

Financial Performance – Statement of Financial Position

Total assets reduced by $3.98 million, largely due to the land and buildings revaluation. Additional capital expenditure during the year included the replacement of hot water units, an upgrade to the air conditioner system and costs associated with planning for the proposed redevelopment.

Auditor

Mr Wayne Tarrant of JTP Assurance was appointed as the Auditor for the independent audit of the financial year ending 31 December 2025 at the Annual General Meeting held on 29 May 2025.

Looking Ahead

The Association has commenced the process of selling the offsite apartments from its investment portfolio to centralise operations and focus on the Gladstone Project redevelopment.

Initial focus has been placed on the 18 apartments at Barkly Place, Carlton, with an expectation that six apartments will be sold each year. Strong interest has been received since the process commenced in January 2026, with more than six apartments already sold by 31 March 2026.

Closing

I would like to express my appreciation to all members of the Finance Committee for their support over the past year. I would also like to extend particular thanks to two members of the Committee, namely Mr Muan Lim and Mr Rhys Watson.

Mr Lim served as Chair until May 2024 before assuming the role of Vice Chair. Mr Lim has chosen to retire from the Committee to pursue his studies.

Mr Watson has served on the Committee for six years. During this time, Mr Watson has provided diverse perspectives and recommendations to assist in guiding the Association through the COVID-19 lockdown period and stabilising its financial position as the organisation transitioned to its normal operational activities.

On behalf of the Finance Committee, I would like to express my appreciation for their dedicated service to the Association at both Council and Committee levels.

I also extend my appreciation to the valuable contributions of Cr Russell Maisner, Cr Natalie Gray, and Ms Kate Adcock. Additionally, I would like to thank Mrs Kay Gulenc from Sovereign Taxation Services for her external accounting and taxation advice, our external auditor Mr Wayne Tarrant from MVA Bennett and the Management and Operations team for their continued commitment to the Association.

Cr Jane Tisdall Chairperson of the Finance Committee

The Graduate Union of the University of Melbourne Inc.

Incorporated Association Registration Number (IARN): A0023234B

Australian Business Number (ABN): 55 610 664 963

Financial Report for the year ended 31 December 2025

The Graduate Union of the University of Melbourne Inc.

ABN: 55 610 664 963

for the year ended 31 December 2025

The Graduate Union of the University of Melbourne Inc.

ABN: 55 610 664 963

Report from Council Members for the year ended 31 December 2025

IARN: A0023234B

Your Council Members submit the financial report of The Graduate Union of the University of Melbourne Inc. for the financial year ended 31 December 2025.

Council Members

The names of Council Members throughout the year and at the date of this report are:

President - The Hon D Bryant AO QC

Chairperson - Ms N R Gray

Vice-Chairperson - Dr M Comte OAM

Ex-officio and nominees of the Vice-Chancellor of The University of Melbourne

Dr K O'Connell (to February 2025)

Mr D Israel (to May 2025)

Mr B Lee (from August 2025)

Dr K Nesbitt (from August 2025)

Other Members

Mrs MS Asthana

Dr K O'Connell (from May 2025)

Ms J Tisdall

Dr MStephens

Mr L Grima

Mr M Lynch

Mr R Maisner

Ms V Ross

DrS Male (fromSeptember 2025)

Ms L Asmar (fromSeptember 2025)

Remuneration of Council Members

The Council Members of the Association have received no benefits during the financial year for the performance of their duties as members of Council.

Principal Activities

The principal activities during the financial year were the operation of a residential college affiliated with The University of Melbourne and the provision of facilities for members of the Association to enjoy educational, social, and intellectual activities.

Significant Changes

No significant change in the nature of these activities occurred during the year.

Operating result

The deficit from activities for the financial year amounted to ($4,411,470).

Signed in accordance with a resolution of the Council Members: he .. �¥-

Dr M Comte OAM - Vice-Chairperson

THE GRADUATE UNION OF THE UNIVERSITY OF MELBOURNE INC. ABN 55 610 664 963

AUDITOR’S INDEPENDENCE DECLARATION

UNDER SECTION 60-40 OF THE AUSTRALIAN CHARITIES AND NOT-FOR-PROFITS COMMISSION ACT 2012

I declare that, to the best of my knowledge and belief, during the year ended 3 1 December 2025 there have been:

(i) no contraventions of the auditor independence requirements as set out in the the Australian Charities and Not-for-Profits Commission Act 2012 in relation to the audit; and

(ii) no contraventions of any applicable code of professional conduct in relation to the audit.

MVAB Audit Pty Ltd WAYNE TARRANT Chartered Accountants Director

Signed at Melbourne this 1st day of April 2026

The Graduate Union of the University of Melbourne Inc.

ABN: 55 610 664 963

Statement of Comprehensive Income for the year ended 31 December 2025

IARN: A0023234B

The Graduate Union of the University of Melbourne Inc.

ABN: 55 610 664 963

Statement of Financial Position as at 31 December 2025

ASSETS CURRENT

LIABILITIES

accompanying notes form part of these financial statements

IARN: A0023234B

The Graduate Union of the University of Melbourne Inc.

ABN: 55 610 664 963

Statement of Changes in Equity for the year ended 31 December 2025

IARN: A0023234B

The Graduate Union of the University of Melbourne Inc.

ABN: 55 610 664 963

Statement of Cash Flows for the year ended 31 December 2025

CASH FLOWS FROM INVESTING ACTIVITIES

IARN: A0023234B

The Graduate Union of the University of Melbourne Inc.

ABN: 55 610 664 963

Notes to the Financial Statements (continued) for the year ended 31 December 2025

IARN: A0023234B

The Financial Statements cover The Graduate Union of the University of Melbourne Inc. as an individual entity incorporated in Victoria under the Associations Incorporation Reform Act 2012 (Vic).

1 Summary of Material Accounting Policies

(a)Basis of Preparation

The Financial Statements are general purpose financial statements that have been prepared in accordance with the Australian Accounting Standards – AASB 1060 “Simplified Disclosure” , the Associations Incorporation Reform Act 2012 (Vic) and the requirements of the Australian Charities and Not-for-profits Commission Act 2012 (ACNC Act)

Australian Accounting Standards set out accounting policies that the Australian Accounting Standards Board (AASB) has concluded would result in a financial report containing relevant and reliable information about transactions, events, and conditions. Material accounting policies adopted in the preparation of this financial report are presented below and have been consistently applied unless otherwise stated.

The Financial Statements have been prepared on an accruals basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets, and financial liabilities.

(b)Income Tax

Tax effect accounting has not been applied as the Association is exempt from Income Tax under Section 50-B of the Income Tax Assessment Act, 1997 (Cth). The Association has also been endorsed as a tax concession charity for Goods and Services Tax (GST) and Fringe Benefits Tax by the Australian Taxation Office.

(c)Property, Plant and Equipment

Each class of property, plant and equipment is carried at cost or fair value as indicated, minus, where applicable, any accumulated depreciation and impairment losses.

Freehold Land and Buildings

Freehold land and buildings are shown at their fair value (being the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction) based on periodic valuations by external independent valuers.

Capital Improvements

Capital improvements are measured at cost.

Asset Revaluations

An independent valuation of the land and buildings is conducted every three to four years. In the interim years, the Council Members review the carrying amount of the land and buildings as at balance date. Increases and decreases in the carrying amount upon revaluation of land are offset to the revaluation reserve in equity. Increases and decreases in the carrying amount upon revaluation of buildings are offset to the Statement of Comprehensive Income.

Plant and Equipment

Plant and equipment are measured on the cost basis, less depreciation and impairment losses. The carrying amount of plant and equipment is reviewed annually to ensure that it is not in excess of the recoverable amount from these assets.

Depreciation

The depreciable amount of all fixed assets (excluding Heritage Buildings - refer to Note 9) is depreciated on a straight-line basis over the asset’s useful life commencing from the time the asset is held ready for use. The depreciation rates used range from 2.5% to 37.5% based on the type of asset.

The accompanying notes form part of these financial statements 9

The Graduate Union of the University of Melbourne Inc.

ABN: 55 610 664 963

Notes to the Financial Statements (continued) for the year ended 31 December 2025

(d)Inventories

IARN: A0023234B

Inventories which consist of beverages, food products and merchandise are measured at the lower of cost and net realisable value.

(e)Employee Benefits

Provision is made for the Association's liability for employee benefits arising from services rendered by employees to the end of the reporting period.

(f)Revenue and Other Income

Revenue from accommodation is recognised upon the delivery of services to residents. Revenue from catering is accounted for on an accrual basis. Interest revenue is recognised on a proportional basis, taking into account the interest rates applicable to the financial assets. Grant revenue in accordance with AASB 15: Revenue from Contracts with Customers and AASB 1058: Income for Not For Profit Entities is recognised as it satisfies its performance obligations. All revenue is stated net of the amount of Goods and Services Tax.

(g)Impairment of Assets

At the end of each reporting period, the Association reviews the carrying values of its tangible assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset's fair value less costs to sell and value in use, is compared to the asset's carrying value. Any excess of the asset's carrying value over its recoverable amount is expensed to the Statement of Comprehensive Income. Where it is not possible to estimate the recoverable amount of an individual asset, the Association estimates the recoverable amount of the cash-generating unit to which the asset belongs.

(h)Investment Portfolio Revaluations

A market valuation report is obtained for the managed investment portfolio at balance date. Net movement in the value of the underlying assets is recorded in the Statement of Comprehensive Income.

(i)Comparative Figures

When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.

The accompanying notes form part of these financial statements

The Graduate Union of the University of Melbourne Inc.

ABN: 55 610 664 963

Notes to the Financial Statements (continued) for the year ended 31 December 2025

2 Revenue and Other Income

3 Key Management Personnel Compensation The totals of remuneration paid to key management personnel of the Association during the year are as follows:

4 Auditor’s Remuneration

Remuneration of the auditor of the Association

IARN: A0023234B

The Graduate Union of the University of Melbourne Inc.

ABN: 55 610 664 963

Notes to the Financial Statements (continued) for the year ended 31 December 2025

IARN: A0023234B

5 Cash and Cash Equivalents

6 Trade and Other Receivables

7 Inventories

8 Investments

The Graduate Union of the University of Melbourne Inc.

ABN: 55 610 664 963

Notes to the Financial Statements (continued) for the year ended 31 December 2025

IARN: A0023234B

$ 9 Property, Plant and Equipment

11,255,568 11,205,091 11,255,568 11,205,091

accompanying notes form part of these financial statements

44,759,268 48,734,470

The Graduate Union of the University of Melbourne Inc.

ABN: 55 610 664 963

Notes to the Financial Statements (continued) for the year ended 31 December 2025

Movement in carrying amounts

IARN: A0023234B

Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the financial year.

Land and buildings were independently valued in May 2025 by Charter Keck Cramer for first mortgage purposes.

Based on these valuations a revaluation decrease of $3,932,682 was recognised in the Statement of Comprehensive Income for the year ended 31 December 2025.

10 Trade and Other Payables

The Graduate Union of the University of Melbourne Inc.

ABN: 55 610 664 963

11 Provisions

12 Borrowings

NAB corporate markets loan

IARN: A0023234B

Notes to the Financial Statements (continued) for the year ended 31 December 2025 The accompanying notes form part of these financial statements

A new loan was established in August 2025 to consolidate debt. The new loan has a limit of $14,000,000 and is interest only for 3 years expiring on 31 July 2028 when up for renewal and review.

The loan is secured over all freehold land, buildings and improvements at 210-234 Leicester Street, Carlton, Level 7, 50 Barry Street Carlton (13 apartments) and 24 Barkly Place Carlton (18 apartments).

Bank Australia facility

The loan was paid out in August 2025 an d included in the new loan with NAB.

Lannoc k Facility

The loan was facilitated by the 24 Barkly Place Owner s Corporation to assist owners to pay for the cladding work. The loan is an unsecured principal and interest facility, an d the term of the loan is 15 years.

This is an unsecured principal and interest loan, with the ability t o repay early with no penalty.

13 Contingent Liabilities

The Council is not aware of any contingent liabilities at balance date.

The Graduate Union of the University of Melbourne Inc.

ABN: 55 610 664 963

Notes to the Financial Statements (continued) for the year ended 31 December 2025

14 Capital Commitments

IARN: A0023234B

At 31 December 2025, the Association has capital commitments for the Master Plan Project expected expenditure of $70,000.

15 Cash Flow Information

Reconciliation of Cash Flow from Operations with Surplus / (Deficit)

16 Events After the Balance Sheet Date

Seven of the units at 24 Barkly Place, Carlton, have been sold, with the sale prices ranging from $132,000 to $140,000. Eleven apartments remain available for sale

17 Trusts

The Graduate Union of the University of Melbourne Inc. is a trustee of the following trust: The William Berry and Barbara Funder Postgraduate College Trust Fund.

The Graduate Union of the University of Melbourne Inc.

ABN: 55 610 664 963

Statement by Council Members for the year ended 31 December 2025

IARN: A00232348

In the opinion of the Council Members:

1. the Financial Report, as set out on pages 5 to 16, presents a true and fair view of the financial position of The Graduate Union of the University of Melbourne Inc. as at 31 December 2025 and its performance for the year ended on that date in accordance with Australian Accounting Standards (including Australian Accounting Interpretations) of the Australian Accounting Standards Board.

2. At the date of this Statement, there are reasonable grounds to believe that The Graduate Union of the University of Melbourne Inc. will be able to pay its debts as and when they fall due.

This Statement is made in accordance with a resolution of the Council Members and is signed for and on behalf of the Council Members by:

Dr M Comte OAM - Vice-Chairperson

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE GRADUATE UNION OF THE UNIVERSITY OF MELBOURNE INC.

ABN 55 610 664 963

Report on the Audit of the Financial Report

Opinion

We have audited the financial report of The Graduate Union of the University of Melbourne Inc. (the Association), which comprises the statement of financial position as at 31 December 2025, the statement of comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, notes comprising a summary of material accounting policies and other explanatory information, and the certification by members of the Council on the annual statements giving a true and fair view of the financial position and performance of the Association

In our opinion, the accompanying financial report gives a true and fair view of the financial position of the Association as at 31 December 2025 and of its financial performance for the year then ended in accordance with the accounting policies described in Note 1 to the financial statements and the requirements of the Associations Incorporation Reform Act 2012 (Vic) and Division 60 of the Australian Charities and Not-for-profits Commission Act 2012

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of t he Association in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110: Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration, which has been given to the council members would be in the same terms if given to the directors as at the time of this auditor’s report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Information Other than the Financial Report and Auditor’s Report Thereon

The directors are responsible for the other information. The other information comprises the information included in the Company’s annual report for the year ended 31 December 2025 but does not include the financial report and our auditor’s report thereon.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Emphasis of Matter – Basis of Accounting

We draw attention to Note 1 to the financial report, which describes the basis of accounting. The financial report has been prepared to assist the Association to meet the requirements of the Associations Incorporation Reform Act 2012 (Vic) and Division 60 of the Australian Charities and Not-for-profits Commission Act 2012. As a result, the financial report may not be suitable for another purpose. Our opinion is not modified in respect of this matter.

Responsibilities of the Council for the Financial Report

The Council is responsible for the preparation and fair presentation of the financial report in accordance with the financial reporting requirements of the Associations Incorporation Reform Act 2012 (Vic) and Division 60 of the Australian Charities and Not-for-profits Commission Act 2012 and for such internal control as the Council determines is necessary to enable the preparation and fair presentation of a financial report that is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the Council is responsible for assessing the Association’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the Council either intends to liquidate the Association or to cease operations, or has no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high le vel of assurance but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, indi vidually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. Further information about our responsibilities can be found at http://www.auasb.gov.au/Home.aspx This description forms part of our auditor’s report.

We communicate with the Council regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

MVAB Audit Pty Ltd

Wayne Tarrant Chartered Accountants Director

Signed at Melbourne this 9th day of April 2026

Australian Business Number: 55 610 664 963 Incorporated Association Registration Number: A0023234B 220 Leicester Street, Carlton, VIC 3053, Australia Telephone: +61 (0) 3 9347 3428

Email: admingh@graduatehouse.com.au

Website: www.graduatehouse.com.au