The RACGP has recorded an $8.3 million underlying operating surplus in its latest annual report, more than double its target, raising the question of whether its strong financial turnaround will ever translate into lower membership fees.

Three years ago, the college warned it was heading towards a $10 million deficit amid rising costs and declining revenue from membership and examination fees.

It responded by cutting 50 jobs, but it also triggered an angry revolt by slashing its membership categories from 16 to nine, with discounts for part-time GPs, those on parental leave, GP couples and new fellows among those scrapped.

The idea was that the restructure would generate extra revenue.