WITH a salary of more than $1.1 million, Macquarie University's vice-chancellor, Steven Schwartz, took home more last year than two counterparts at other universities combined, the most recent annual reports show.

Professor Schwartz's $1,184,661 remuneration includes a $300,000 ''long-term bonus'' on top of another $162,240 bonus. His package for 2011 is worth more than those of his counterparts at the universities of Wollongong and New England and is also more than double the Prime Minister's salary ($481,000).

Top of the pile ... Steven Schwartz of Macquarie University.

Annual reports for the 2011 financial year were tabled in NSW Parliament last week. All 10 universities in the state achieved operating surpluses, the University of NSW netting the highest surplus of $88.9 million, followed by the University of Sydney with $88.5 million.

Macquarie and the University of Sydney have announced major staff cuts for 2012. The vice-chancellor of the University of Sydney, Michael Spence, earned $911,575: a base salary of $744,143, including use of a university-owned residence, and a performance bonus of $167,432.