Rugby Australia confirm massive 2024 financial debt, insist Schmidt successor will be named ‘sooner rather than later’  

Rugby Australia officials have confirmed a $36.8million (£17.6m STG) deficit for 2024 but, after insisting on Wednesday that there will be a post-British and Irish Lions tour surplus this year, they added that they hope to soon reveal the identity of Joe Schmidt’s successor as Wallabies coach.   

Schmidt is set to step down in August following his battle of wits with Lions boss Andy Farrell in an eagerly anticipated three-Test series, and Rugby Australia boss Phil Waugh has hinted that months of speculation about who would take over from the Kiwi are at an end.   

Speaking on the day that the RA AGM in Sydney revealed a worrying hole in their financial report for 2024, Waugh told reporters: “We think we have landed on a good spot, and we are keen to answer sooner rather than later.  

Rugby Australia insist they are working as quickly as they can

“I’m hoping to announce imminently. We want to get it right. We have been very considered in our processes and appointments.

“We want to give clarity to the Australian public, and we are working as quickly as we can. The next coach will lead us into a home Rugby World Cup in 2027.”  

Queensland boss Les Kiss, who worked as an assistant when Schmidt coached Ireland, is the front-runner.

The Reds are currently fourth on the Super Rugby Pacific ladder with five wins in their eight matches so far this season.   

Waugh also outlined how Rugby Australia expect to be debt-free by the end of 2025.

Not only will the incoming Lions tour boost their accounts, the demise of the Melbourne Rebels, women’s game profits and a massive broadcast deal with Nine has left them predicting a surplus of $50m, the largest since the 2003 Rugby World Cup was hosted in Australia.   

“The deficit is better than forecast,” Waugh explained. “The British and Lions coming… (lifts) the legacy debt we are carrying. Hopefully it will be paid down by the end of this year.

“The partnership with Nine through the 2026-2030 (period) gets us to a sustainable model. There has been strong cost discipline, as well as working with debt-stabilising companies.” 

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