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Purpose -- This study seeks to examine the contents and the nature of the academic psychological contract. It aims to explore to what extent the contract has been fulfilled and the impact of demographic variables on the contract and its fulfilment. Design/methodology/approach -- Data for the study were collected through a survey of 280 academic staff of a middle-ranked Australian university. To identify the contents of the academic psychological contract, three focus groups, each comprising eight academic staff, were conducted in three schools. The ordered probit model was employed to explore the impacts of various demographic variables. Findings -- The elements of the academic psychological contract to a certain extent differ from that of the contracts of other professions. Also, the academic psychological contract is more transactional than relational in character. Overall, the academic psychological contract has been fulfilled at the low level. Research limitations/implications -- The study contributes to the debate on the different interpretation of employer obligations and their fulfilment between research-oriented and teaching-oriented academics. Exploring the psychological contract from both employee and employer perspectives will assist in the understanding of mutual expectations. Further research should involve a wide range of universities and make comparisons across national boundaries. Practical implications -- Some items, such as ensuring a safe workplace, the provision of adequate resources to do work, the provision of equal and competitive pay, fair promotion, consultation and recognition of skills and talents, ranked considerably higher than others and should, therefore, be given priority over others. More support should be provided to young, research-oriented academics who are enthusiastic about research, but mobile and marketable in order to develop university sustainability. Originality/value -- The study contributes to the literature by arguing that the contents and the perceived significance of the academic psychological contract are to a certain extent different from those of the contracts in other sectors. [ABSTRACT FROM AUTHOR]