The controversial Vice-Chancellor, who instituted massive funding cuts across the institution - notably to the School of Music in 2012, has announced he will not seek a further term when his current term expires in February 2016.

ANU Chancellor, Professor Gareth Evans AC QC, said that he understood and accepted Professor Young's decision and the university would shortly commence an international search for a replacement, which he hoped would be complete by mid-year in order to enable a seamless transition in February 2016.

Professor Young only began his term in March 2011 and was previously vice-chancellor of the Swinburne University of Technology for seven years.

"By February 2016, I will have served as a vice-chancellor for 13 years in two universities, and in senior executive roles in four institutions over more than 20 years. I have found my time at ANU enormously satisfying. This is a remarkable institution and it has been a great honour to serve as its vice-chancellor at a time of enormous change in the higher education sector," Professor Young said.