After spending over $10m taking over the NSW Waratahs and Brumbies, another $5m covering the exit of the Melbourne Rebels and following on from underwhelming inbound Tests against Wales and Georgia, RA boss Phil Waugh said the deficit was “better than forecast”. But those same forecasts and predicting a huge cash influx on the back of resurgent Wallabies success and the British and Irish Lions tour with tickets already close to sold out for matches. “The first thing to recognise is that the deficit was forecast, and in fact it’s actually better than forecast, through 2024,” Waugh said at Wednesday’s annual general meeting. “And as we’ve always flagged with the British & Irish Lions coming this year and the revenues to the British & Irish Lions, the legacy ($80 million) debt facility which we’re carrying will hopefully be paid down by the end of this year. “What we need to look at is rather than a year-on-year performance, look at a cycle. When we think about that cycle, that cycle excluding the Rugby World Cup needs to be sustainable with an element of retained earnings, so that then quarantines the revenues from the Rugby World Cup, so then we can make investment decisions through the guidance of the board to do what’s best for rugby.” The projected profits from the Lions tour could help RA clear the $60 million they’ve already spent from an $80 million loan taken out to safeguard the code, and fund the failed 2023 World Cup campaign. Australia will also host the 2027 men’s and 2029 women’s World Cups, which could set rugby up financially for the long-term. “Rugby Australia made great progress in 2024 towards building a sustainable, thriving model for Australian Rugby,” Waugh said. “There is still much to do but the pathway to a prosperous future is clear. After failing to make the World Cup quarter-finals for the first time ever in 2023, the Wallabies found some form under new coach Joe Schmidt in 2024, taking down England at Twickenham among five wins for the year.