Edition 652, 9 May 2016
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Measuring the value of international education
Monday, May 9 2016
A new report by Deloitte Access Economics has assessed our international education sector’s contribution to the Australian economy, as well as its broader impact on regional communities, tourism and the productivity of Australia’s workforce.
The analysis covers international students studying at schools, vocational education and training (VET) providers, higher education providers and those doing English Language Intensive Courses for Overseas Students (ELICOS) courses.
Key findings include
- Additional revenue not captured in ABS statistics is valued at approximately $935M, taking the sector’s export revenue to an estimated total of $19.7B in 2014-15. Although this is underestimated because of incomplete information on the offshore revenue earned by private providers.
- Export revenue is estimated to support over 130 700 full time equivalent employees in 2014-15.
- At least 5% of international students live and study in regional areas.
- The current stock of international students will contribute 130 000 skilled migrants to our workforce on graduation, resulting in an increase in human capital worth an estimated $8.7B to our GDP.
Wider benefits include
- economic gain from increased entrepreneurship, knowledge exchange, international collaboration, trade and investment links, soft diplomacy
- social gain from improved cultural literacy, stronger cultural linkages and enhanced cultural capital.
The report was commissioned by the Australian Government Department of Education and Training and builds on previous similar research done by ACPET.
See the full report on The Value of International Education to Australia for further details