How is international education impacting the Australian economy?
Team Veye | 29-Jul-2019
Education in every sense is one of the fundamental factors of development. It raises people's creativity and promotes entrepreneurship and technological advances. It also plays a very crucial role in securing economic and social progress and improving income distribution.
A country's economy becomes more productive as the proportion of educated workers increases since educated workers can more efficiently carry out tasks that require literacy and critical thinking.
Australia's top universities contribute more than $66 billion to the national economy annually. International students injected $31.9 billion into Australia's economy last financial year, directly boosting Australian jobs and wages – including in regional Australia.
Australia is currently the third most popular destination for international students in the English-speaking world, behind the United States and the UK. Although many reports say that Australia will become the world’s second most popular destination for international students by the end of the current year. Many international students choose to study here because of the cultural diversity, friendly natives, and high quality of education.
Australia’s standard of living is amongst the highest in the world. Living expenses and tuition costs are considerably lower in Australia than they are in the United States and the United Kingdom. International students are able to work part-time while they study, allowing them to offset their living costs. There is also the possibility of scholarships, which helps to lower the cost of studying for international students.
Institutions in Australia offer a wide variety of courses and degrees, so international students can easily find the school and field that are right for them. Students can choose between universities, vocational education, and English language training. If necessary, it is easy for students to move between one qualification level and from one institution to another.
International education is a modern Australian success story – built from the ground up over six decades to become the nation’s third-largest export and the envy of the world. International students are not just important to Australia’s economy, but also to our vibrant communities and our global outlook as a nation.
Australians develop powerful personal and professional relationships and long-lasting cultural, diplomatic and trade ties when students from overseas spend their formative years here. And when international students return home from their studies – which the vast majority do – this creates a powerful network of global alumni with great affection for Australia.
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