International Students added $25.5 Billion to Australian Economy in 2022
The Australian Bureau of Statistics (ABS) reported that in 2022, foreign students in Australia made a total contribution to the economy of AUS$ 25.5 billion. In 2021, the Australian economy benefited from $22.7 billion from international education. This is an increase of 3.2 billion.
According to ABS data, the economic impact of education as a whole was over $29 billion in 2022, with international students’ spending contribution reverting to 2016 levels of $25.7 billion.
The economy also saw an improvement in comparison to 2012, when only $16.7 billion came from international students.
However, in 2022, Australia recorded a 14.5 billion fall compared to 2019 levels, when international education valued over $40 billion to the country’s economy, more than double what it was in 2015.
International students pursuing online degrees in 2022 will contribute $3.5 billion to the economy, bringing the total to $29 billion, according to Universities Australia. According to the organization, over the last three years, online education has contributed over $12 billion to the economic recovery.
Australia will successfully attain and surpass the 2019 record of $40 billion in export revenue, despite the COVID-19 pandemic’s negative effects on the value of education as an export. International students from more than 144 nations not only contribute financially but also improve Australia’s social and cultural fabric.
The Australian government has decided to extend post-study work rights for foreign graduates who will choose degrees in skill-shortage sectors for an additional two years in an effort to draw more international students. Foreign students will be permitted to work 48 hours a fortnight starting on July 1, 2023, under the new regulation.
360,358 foreign students attended higher education institutions in Australia from January to November 2022, a 1% decrease from 365,443 in 2021. In 2022, China (155,348 students), India (99,739), and Nepal (56,847) were the top three source nations for international students in Australia.
