Issues surrounding increasingly constrained resources and reducing levels of sector-based funding require consideration of a different Academic Work Allocation Model (AWAM) approach. Evidence from the literature indicates that an effective work allocation model is founded on the principles of equity and transparency in the distribution and allocation of academic work across the three key domains of teaching, research, and service-administration. It is recognised that the success of any AWAM approach is positively influenced by a clear methodology that is easily understood and widely accepted by academic staff. This paper presents a case study of the development of a new faculty-level AWAM at one Australian university that incorporates the desired principles, but is linked to the budget and resource planning, allowing it to be agile and responsive in a volatile fiscal environment.