IAEC Education | IAEC Migration reposted this
CEO - IAEC Education - IAEC Migration | Vice President ECAA | Senior Education & Career Consultant | Registered Immigration Consultant Aus | TNE Partnerships | International Education | Community Projects
As the international education sector undergoes crucial reforms aimed at bolstering integrity, quality, and sustainability within the $40 billion export industry, it's paramount to highlight the invaluable contribution of international students to Australia's economic landscape. Beyond their education journey, international students infuse vibrancy into our communities. Their presence not only enhances the educational experience but also brings diversity, driving economic growth and prosperity. Especially for Victoria, international education remains one of Australia's top export earners, generating billions in revenue and supporting thousands of jobs across various sectors ranging from accommodation and hospitality to retail and tourism. The ripple effects of international student spending are felt far and wide, stimulating local economies and driving demand for goods and services across Australia. As we navigate the ever evolving landscape of international education, let's not underestimate the pivotal role of international students in shaping Australia's economic success story.
Did international students save Australia's economy? According to NAB, the return of international students contributed more than HALF of Australia’s growth during 2023. The data showed negligible growth in consumer spending in 2023. However spending by students is captured as an export (not consumer spending), meaning actual consumption was not as weak as it appeared at face value. With the return of international students, education exports contributed 0.8 percentage points to to GDP growth over 2023. While some of that was fees, around 60% was consumption of goods and services. International students have played a particularly important role underpinning the post-pandemic recoveries of Australia's capital cities - home to 90% of Australia's international students. #internationaleducation #internationalstudents Skye Masters