Wallabies flags Photo: PHOTOSPORT
Rugby Australia hailed a return to surplus in its 2022 accounts after pulling back from the brink of financial "catastrophe" during the COVID-19 pandemic.
The governing body reported an $8.8 million surplus for the 2022 calendar year at its annual general meeting, crediting a return to normality after the lifting of COVID restrictions.
"There can be no doubt about how deep a hole rugby was in as a result of the pandemic, we were genuinely on the cusp of catastrophe," RA boss Andy Marinos said.
"It has been a real grind, we have had to be incredibly disciplined financially, yet still delivering results across the business in participation, marketing and promoting a full season of rugby, growth in commercial revenue."
RA's first surplus since 2018 comes two years after reporting a record $29 million deficit after COVID disrupted the 2020 season and forced players to take swingeing pay-cuts.
RA said the 2022 result was driven by a 31% ($33 million) increase in revenue, thanks largely to a return to a full season of matches and events.
Match-day revenue grew 85% year-on-year, with 265,380 people attending six home tests, the highest attendance since the 2013 British and Irish Lions tour.
RA said the second year of its broadcast deal with the Nine Network saw a 21% increase on average audience for the Wallabies matches, largely driven by viewership for the England series which Australia lost 2-1.
"With the promise of a Lions tour in two years, as well as home Rugby World Cups in 2027 and 2029, rugby is very much on the rise again," RA Chairman Hamish McLennan said.
RA also announced former Wallabies great Joe Roff had been appointed its president, replacing David Codey at the end of his term.
-Reuters