Rugby Australia has announced a $8.2 million surplus at its 2022 Annual Meeting.
It's a vast turnaround from two years earlier when the governing body recorded a $27.1 million deficit in 2020.
Click here to read the full annual report for 2022
It will be the first time they announce a surplus since 2018, with Rugby Australia Chairman Hamish McLennan believes it signifies the positive future ahead of the game in the country.
“The last two years have been a wild ride for us – and with the removal of COVID restrictions, we were able to return to a full year of Rugby, and restore some normality in the business,” said McLennan in a statement.
“To turn this thing around in such a short time is a great testament to Andy [Marinos, CEO] and the team at Rugby Australia, as well as the resilience of our game – and 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.”
The result comes off the back of numerous positive outcomes for the business, headlined by a 31% ($30.6 million) increase in revenue as match activity and events returned completely for the first time since before COVID.
On top of this, the Wallabies announced the highest combined match attendance since the 2013 British and Irish Lions, thanks to three sold-out Tests at the SCG, Marvel Stadium and Allianz Stadium.
Rugby Sevens lead the way participation-wise, growing 36% and 32% in schools and clubs respectively whilst Women's Club Rugby grew by nine percent.
Rugby Australia’s social channels saw a 32% increase in followers to go with a 29% rise in website traffic.
“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," CEO Andy Marinos added.
“To be able to turn things around and return a surplus in just two years is a tremendous testament to the team at RA that turn up every day and do everything they can for the game of Rugby every single day.
“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.
“Getting that balance right has been difficult, however we are now rewarded with being in a strong position as we move forward to this year’s Rugby World Cups, the 2025 Lions tour, and our home Rugby World Cups in 2027 and 2029."
Wallabies legend Joe Roff was also appointed RA President at the Meeting.
Roff takes over the role from David Codey, who came at the end of his two-year tenure.
The Brumbies legend represented his country on 86 occasions, winning the Rugby World Cup, Bledisloe Cup, British and Irish Lions series and a Super Rugby title.
