Strengthening financial sustainability and member value

As the peak representative body for psychiatry in Australia and Aotearoa New Zealand, financial sustainability is critical to ensuring that we can continue delivering high-quality services, advocacy and education for our members.

Our shared commitment and financial responsibility

While our backgrounds and professional interests vary, we are united by a commitment to psychiatry and mental health.

This commitment extends to maintaining a financially robust College that can invest and grow member services, training programs and new initiatives to support members in the evolving medical landscape.

Finance, Audit and Risk Management (FARM) committee priorities

Under the leadership of the FARM Committee, we have sharpened our focus on fiscal sustainability. This includes prudent financial management, transparent reporting and ensuring that our revenue model supports long-term viability.

For 2026, the Board has approved a budget that reduces costs across the organisation to keep member fee increases to Consumer Price Index (CPI) to ensure we remain a fiscally viable College. We will also be consolidating bank accounts to reduce overheads and maximise the interest we can attract for member benefit (as much as $150,000). Committees which have traditionally viewed their bank account statements for the cumulative surpluses, will now view the surpluses via a cost centre report to maintain the transparency of these surpluses. 

The Board has endorsed an annual adjustment of member fees in line with the CPI, commencing in 2026 and continuing in future years. This approach balances consistency and affordability for members with the need to sustain and grow the College’s offerings.

Key financial and engagement initiatives include:

• Ensuring fiscal resilience through disciplined budgeting, reduction of costs, efficiency savings and monitoring of financial risks.
• Aligning member fees with CPI to preserve value while funding essential programs and resources.
• Investing in member benefits such as the New Fellow Program Taskforce, advocacy for the profession and College cyber security.

Delivering value across the career journey

Our financial strategy underpins a broad range of opportunities for current and new members – from introducing medical students to psychiatry, supporting trainees and SIMG candidates, to providing CPD, conferences and wellbeing programs for Fellows. These investments ensure that every stage of a member’s career is supported.

Recent achievements and financial stewardship

The FARM Committee was established in August 2025 following recommendations from the Board evaluation report in 2024. FARM replaced the Finance and Audit Committee.

FARM’s core purpose is to advise the College Board and provide oversight of the College’s financial and business operations.

Fiscal sustainability and cost management have been a priority of FARM in 2025 and it has worked closely with management to deliver productivity savings and growing member services and value provided by the College.

FARM monitors financial performance, risk and compliance including:

• Overseeing financial accountability and performance for decision making
• Providing advice to Board on cost management, financial reporting and insights
• Managing the risk management framework and advising Board on key and emerging risks
• Ensuring the effectiveness of internal controls, regulatory compliance and financial governance.

Looking ahead

The College is expecting to deliver an operating surplus of $500,000 for the 2025 financial year.

Further ahead, the core focus of fiscal sustainability and cost management will deliver operating surpluses to continue the investment back into member services.

The five-year Financial Operating Plan 2026–30, approved by the Board in November 2025, forecasts $17.1 million in cumulative operating surpluses over five years. Included in the Financial Operating Plan is an investment of $2.8 million over four years in the New Fellow Program Taskforce.

For questions or suggestions about our financial strategy or engagement initiatives, please contact our CFO at mark.klose@ranzcp.org.