The Turnbull Government has released today a new landmark report by Deloitte Access Economics, The Value of International Education to Australia, which reveals the sector contributes $1 billion more to the economy than previously estimated.
International education is already one of our top two services exports, along with tourism, and is one of five key super-growth sectors that will support our transitioning economy into the next decade.
The growing importance of international education to Australia is evident from the more than 130,000 jobs it creates and the businesses that benefit from it – directly and indirectly across the retail, hospitality, property sectors and more.
This important new report identifies a number of additional revenue streams not routinely captured by the Australian Bureau of Statistics (ABS), which reported the value of international education to be over $19.5 billion in 2015, making it one of our largest export earners.
The additional streams identified in this report total nearly $1 billion more what the ABS currently reports, putting the real value of the industry closer to $21 billion.
These newly-identified revenue streams include nearly $300 million that students’ visiting family and friends contribute to Australia’s tourism industry each year.
Also, for the first time, this report provides an estimate of the national economic contribution made by Australian education providers delivering Australian courses offshore, which was over $400 million in 2014-15.
Education related expenditure by those on non-student visas studying English is estimated to contribute an additional $205 million in export revenue.
The Turnbull Government recognises that Australia’s knowledge and innovation boom has just begun and on Saturday in Launceston, Tasmania we will be releasing our National Strategy on International Education, laying out a framework for the future of the industry.