‘Spend before they have it’: RA’s pivotal finance shift

Murray Wenzel | April 22, 2026

Rugby Australia will push ahead with a future-proofing investment fund after confirming the strongest financial position of the organisation’s history.

Last year’s British and Irish Lions tour and improved ticket sales for Super Rugby Pacific and Test matches saw RA post a $70.6-million annual profit, compared to a $36.8-million loss a year prior.

Debt free after paying off what remained of an $80-million loan provided in 2023, RA now has $31.4 million in cash.

“A very important year …. correcting the balance sheet and setting ourselves up for success into the run to the (2027) home World Cup,” Rugby Australia chief executive Phil Waugh said.

The record profit more than doubled the previous high, recorded after the 2003 home World Cup, while RA posted a $19-million profit after the last Lions tour in 2013.

RA is also set to benefit from a hosting-rights fee ahead of next year’s home World Cup.

It comes after the decision not to pursue a private equity model and instead follow the Australian Olympic Committee’s lead after the 2000 Sydney Olympics to set up a future investment fund.

“It’s a pivotal shift, if you go back to the process … the decision the board and executive made to go down the debt path,” Waugh said.

“By no means are we out of the woods. What we’ve been talking about is a sustainable model and we need to make sure we’re setting that up.

“(We want to) establish a similar concept of what provides a third of the Olympic team’s performance funding. That’s a great example of what we’d like to get to post 2027.”

Waugh anticipates RA will record a small deficit in this year’s figures but, not including World Cup hosting fees, still profit overall between 2026-2030.

“You’ll have ups and downs with different touring teams,” he said.

“We still need to correct the system that’s spending more cash than we’re earning through this next cycle, and we’re on that journey.

“Not just in Australia, but global unions have got into a habit of spending money before they have it.”

A total of 373,168 fans attended the Wallabies’ seven home Tests in 2025 at an average of 53,308 – an all-time Australian record for a non-home Rugby World Cup season. 

A record Lions’ attendance of 90,307 filled the MCG for the second Test, while Wallabies Tests in Sydney (twice), Brisbane and Perth were sold-out.

That’s despite the side, who lost the Lions series 2-1, limping to a 5-10 record in 2025.

They will play 14 Tests in 2027, with current Reds coach Les Kiss set to take over from Joe Schmidt after three Tests in August.

“Performance matters and scheduling is really important as well … making sure we get clear air when we play Wallabies Test matches,” Waugh said.