Depreciating Australian dollar increasing student revenue - Enhancement of Australia’s economic growth prospects16 February 2016
International students make a significant contribution to Australian Society especially in terms of contributing towards country’s economy. The statistical data shows educating international students have earned Australia a record $20 billion last year, spiking 13% from the previous year.
The lower Australian dollar together with a relatively easier student visa processing program has made an enormous impact on Australia’s education export sector. The total spending by international students in Australia – including course fees, accommodation, living expenses and recreation – was $19.2 billion in 2015, up from $17 billion the previous year, according to figures released by Australian Bureau of Statistics earlier this month. Ensuring the future strength of the industry is an ongoing priority for the government as a result of the significant contribution the international student sector makes to Australian economy and society.
At the moment there are about 650,000 international students in Australia, 10% more than the previous years. Over 270,000 such students are enrolled in higher education courses and the number of undertaking vocational education is up 14% to 170,000 in 2015.
A 10c fall in the Australian dollar has led to a 2% rise in the number of new international students enrolling in universities, explained Professor Frino, deputy vice-chancellor (global strategy) of the University of Wollongong. He predicted that in 11 years' time, universities alone could have half a million international students enrolled.
Australia is an increasingly popular study destination for students around the world because of the quality and recognition of the qualifications obtained from here. To study in Australia, you will need to apply for both admission to an institution and also for a student visa from Australian government. There is also a range of entry requirements that one will need to meet both for the institution and visa applications. If you are already living in Australia, you may still be able to apply to study here as an international student.
It is important to exercise due diligence and care in applying for a student visa to Australia. Inadequate visa applications by unqualified brokers which fail to properly address certain criteria for admission has always resulted in student visa refusals and cancellations. The visa refusals and cancellations are on the rise for the students from India, Nepal and Vietnam due to the above mentioned reasons. The Department of Immigration and Border Protection cancelled a record 11,000 student visas in the last financial year, which is a 30% increase in the number of cancellations from the previous year.
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