Eh? Academia has definitely been hit hard by austerity like the rest of the public sector. There have been basically no pay rises since the Tories came in.
If you think "basically no pay rises" is what austerity means then I think you just proved my point for me ...
edit: To clarify (given the telling off below), the rest of the public sector in the UK has seen massive budget cuts with 20, 30, 40% loss not being uncommon in some departments, or in the BEST case (like the NHS) large workload increases with extremely small or no budget increases. It's hard for me to imagine how anyone could be unaware of that given the amount of coverage of it over the last 8 years.
So when someone says "no pay rises" is the same thing as being hit hard by austerity, that shows a remarkable level of disconnection from what's going on elsewhere.
There's no need for this kind of remark, all you're doing is posturing to preserve your ego instead of actually trying to understand. This is not communicating in good faith. Please try to do better.