The Australian National University's (ANU) council approved a massive $250 million cost-cutting program without clear evidence it was needed or achievable.The damning assessment of ANU's governing body is contained in a secret draft report from the Australian National Audit Office (ANAO). The final version is expected to be released in the coming months.Four Corners has been briefed on some of the contents of a draft version of the report by a person who has seen it.While the draft report raises questions about the long-term sustainability of ANU's financial situation, it includes the assessment that the university was not in immediate financial crisis at the time the then-vice-chancellor Genevieve Bell announced the cost-cutting program, dubbed Renew ANU, in 2024.When the cuts were first announced the university's leadership argued its financial situation was unsustainable and that drastic action was needed to create a "smaller university".Renew ANU sought to cut 16.5 per cent of total 2024 expenditure — or $250 million — in just over a year.The university never pinpointed how many jobs would be affected, but the National Tertiary Education Union estimated it would be in the order of 650.The implementation of Renew ANU threw the lives of students and staff at ANU into disarray ANU is targeting a balanced budget by the end of 2026," an ANU spokeswoman said in a statement."ANU has realised cost savings under Renew ANU with the program now in its final stages and to be concluded as remaining implementation activities are finalised."Watch Four Corners' full investigation into the crisis facing Australia's universities, tonight from 8:30 on ABC TV and ABC iview.