This article surveys available evidence of disruptions of the COVID-19 pandemic to Australian university-based research and to the research training pipeline, considering both the long-term implications of this disruption, as well as the disproportionate impacts on higher degree research candidates, early-career researchers and women academics with carer responsibilities. Drawing on existing global and local research studies, media reports, internal institutional documents, policy and advisory documents, data from the Department of Education, Skills and Employment, the Australian Bureau of Statistics and the Australian Research Council, the article argues that specific targeted management interventions and federal policy changes will be needed for the equitable and sustainable restoration of research capacity in the challenging funding environment beyond 2022.