A university boss has slammed "unfair" $50,000 arts degrees as a rival defends forking out $40 million on external consultants ahead of mass redundancies.

The sector has become a two-track system with record profits for some and large deficits and job losses elsewhere, Western Sydney University vice-chancellor George Williams said in an essay published on Friday.

The constitutional lawyer, who was a pivotal figure in the failed voice referendum, said students were carrying a heavy financial burden and being left in a financial hole after graduating.

"The $51,000 arts degree is just so unfair and wrong for a group that often earns the lowest salaries," he said.

"Then we're loading them with debt and then they can't afford a house. They're not getting a fair go."

A NSW parliamentary pro

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