Australia's universities are blighted by a "culture of consequence-free, rotten failure", according to the former chair of a senate inquiry examining governance at public universities.

"These failures have contributed to damaging restructures, job losses, wage theft as well as a growing sense of abandonment among students and distrust within university communities," Labor Senator Tony Sheldon said.

"There's no other sector in the country where failure is rewarded so handsomely and with so little scrutiny."

The senate inquiry today released its interim findings making 12 recommendations including a remuneration tribunal to reign in pay for vice chancellors, whose average salary exceeds $1 million.

The report also recommended greater involvement from staff and students on university coun

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