When so many international students left Australia, think about what the country lost. Approximately $40.3 billion was contributed to the economy by them in 2019. Approximately 250,000 jobs in Australia were supported by international education.
In some sections of the higher education industry, border closures resulted in a reduction of enrollments of up to 70%.
Although the financial consequences for Australian institutions have been less severe than anticipated, the loss of billions of dollars in revenue should not be overlooked. As a result, universities were exposed to the hazards associated with relying on an incessant influx of new international students and their tuition payments. Approximately 35,000 academic and professional jobs were lost as a result of the pandemic’s financial impact on institution finances.
Communities and companies in the host country were also disadvantaged by the purchasing power of overseas students and their visiting family members. For job gaps that these students would fill, employers have struggled to locate enough local workers.
Although the entire picture of enrolment and commencement figures for both foreign and domestic students will not be available until March, the Minister for Immigration, Alex Hawke, said on January 18 that 43,300 international students have already returned to Australia.
Over the past two years, Australia’s proportion of global demand has decreased from 17 per cent to 12 per cent.
During the same period, Australia’s market share in the Indian market more than halved, falling from 20 per cent to 9 per cent.