Overseas students are always the best source of a country’s economy. The increase in the economic figure of Australia from 2015 to 2017, from $18.5 billion to $24 billion i.e., 22% hike proves the same. International students in Australia are the source of this unexpected whopping 24 billion dollars in 2017 as revealed by the Australian Bureau of Statistics. 2017 was the strongest year for overseas trade data after 2008.
As per the Australian Bureau of statistics, $23.5 billion figure was spent by international students on their cost of living such as food, tuition fees, entertainment, accommodation etc. and $656 million spent for other types of services. According to Phil Honeywood, the executive director of International Education Association of Australia said, the major beneficiaries are the sandstone universities and the regional universities are outsourcing delivery to third parties increasingly in major cities of Australia. Still, there are ample scopes for the regional communities and campuses to tap into this booming demand.
The current rise in Australian dollars has posed a threat to the restrictive policies in UK and US. According to the education minister, Simon Birmingham, The sector of overseas students is a testament to the Australian education reputation across the world.
The economic growth of Australia directly supports jobs, wages, and living standards across all cities in Australia. The third largest export of Australia after Ore and Iron is the ‘overseas education.’ It attracts the majority of students from India, China, Malaysia, and Vietnam. 12% of the total overseas students enrol in Engineering while 45% of them enrol in Business management.
Australian universities are enhancing their success levels year by year, said Catriona Jackson, the Acting Chief Executive Officer of University Australia. It’s all because of the investment in Australians quality education that attracts immigrants from different countries for higher studies and career.
Catriona added, Australia is increasingly becoming a favoured destination for international students because of the standard quality education and universities out there.
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