# Canberra Institute of Technology financial crisis > Live situation record from CLSTR: https://clstr.news/situations/canberra-institute-of-technology-financial-crisis > Updated: 2026-08-10T23:53:02.000Z. Sources: 2. Developments: 2. The Canberra Institute of Technology (CIT) is undergoing significant restructuring to address a $28.3 million operating deficit reported for 2025 and a 28% decline in student enrolments over five years. To improve financial sustainability, the institute launched a ‘Sustainable Workforce Program’ featuring a voluntary redundancy scheme for all permanent staff. Following these financial pressures, CIT Chief Executive Margot McNeill resigned, stating her departure was in the best interest of the community. Her resignation occurred amid scrutiny of her leadership and recruitment processes. The institution has also faced criticism from staff and the Australian Education Union ACT Branch. Concerns were raised regarding a perceived imbalance in resource allocation, specifically noting the advertisement of a high-salary Director of Procurement and Contracts role while frontline teaching positions were being reduced. ## Timeline ### 2026-08-10: Canberra Institute of Technology CEO resigns amid financial deficit The Canberra Institute of Technology's CEO Margot McNeill has resigned amid a $28 million deficit and controversial workforce reductions and executive hiring. 2 sources. https://clstr.news/cluster/canberra-institute-of-technology-ceo-resigns-amid-financial-deficit ### 2026-08-03: Canberra Institute of Technology launches voluntary redundancy program to cut costs Canberra Institute of Technology starts a voluntary redundancy program to address a $28.3 million deficit and falling enrolments, pledging no compulsory layoffs and continued student support. 2 sources. https://clstr.news/cluster/canberra-institute-of-technology-launches-voluntary-redundancy-program-to-cut-costs --- Cite as: Canberra Institute of Technology financial crisis. CLSTR, https://clstr.news/situations/canberra-institute-of-technology-financial-crisis