In 2011 and 2012, two Australian university vice chancellors flagged spending cuts at their institutions to overcome financial problems. In both cases, union and staff opposition led to public protests, intense media scrutiny, delays and retreats. This article compares the two cases to see what lessons may be drawn for university leaders faced with the complex, difficult and risky task of introducing spending cuts, a likely feature of Australian university management in the next few years. How can they do this in ways that cause minimal damage to programmes; are acceptable to those affected; and avoid undue damage to staff morale, student interests or institutional reputation?