Almost one in every two Australian universities has been restructured in the past year, and there is more to come.

Thousands of jobs have been cut, and thousands more are in the firing line.

At the University of Technology Sydney, hundreds of staff have recently been informed that they may not have a job next year.

Now, they anxiously wait for the list of 400 names that will hit the chopping block.

The university says it is saving itself from financial crisis, but a team of accounting professors have crunched the numbers and say they tell another story.