Given the impact of austerity on higher education systems, an intellectual concern with the impact of austerity on faculty seems appropriate. In this article, austerity is explored through the everyday lived experience of faculty and its impact on both their personal and professional contexts. This aspect has been under-researched in the higher education literature and addresses the complexities and contradictions that the austerity can create for faculty. The study located in the Republic of Ireland provides an interesting context as the global financial crisis in 2008 resulted in 9 years of austerity measures that impacted on all aspects of the economy and particularly on the higher education sector. A social realist approach using Archer's morphogenetic framework was employed. The framework facilitated an in-depth understanding of the relationship between structure, culture and agency and how austerity was experienced by faculty within their institutions.