Impact of Education Industry on Australia’s Economy

Australia has one of the best higher education systems in the world. The data analysis in this blog posy offers an overview of the profound economic, social, and cultural contributions of Australia’s world class universities. 

Higher education in universities added roughly $140 billion to the Australian economy in 2014. Over 1.3 million native and international students alike were educated in Australian universities in 2016. This has caused a steep rise in the demand for student accommodation. The majority of students were enrolled in an undergraduate program or its equivalent whereas the most niche group comprised of students undertaking postgraduate research. Besides, the universities also employed a total of 120,000 full-time academic and non-teaching faculty that same year.  

43 outstanding universities are members of Universities Australia (UA)

Australia is home to 41 local universities, including a small specialist university, and two overseas institutions that operate here. All 37 of Australia’s public universities are UA members, as are two of the three private universities located here. The country also has seven universities in the Top 100 universities under the QS World University Rankings, which explains the steady rise in international students who flock here year after year. Given the limited space available on campus, there is an increasing need for private international student accommodation. 

Australia has a diverse mix of 1.5 million students at our world class higher education system. Local and international students pursue a wide range of academic disciplines. Understandably, a huge proportion of these students are from overseas, with students from Asia forming the overwhelming majority. Some of the top host countries for overseas students in Australian universities include Hong Kong, India, Vietnam, South Korea, Brazil, and more. Among local students, about 60% are females under the age of twenty-five.  

COMMONWEALTH SUPPORTED AND INTERNATIONAL STUDENT PLACES, BY FIELD OF EDUCATION, 2016

Australian universities make it possible to study part-time so that students may continue to maintain a source of income and fulfil their obligation towards family. Even international students can work a fixed number of hours every week during their time in the country as a means to financially support themselves. Popular job opportunities include campus work in college libraries and student bars, teaching and research assistants to the academic faculty. Off-campus options like work in retail and hospitality are just as popular, if not more. 

OVER THE LAST DECADE, THE NUMBER OF STUDENTS FROM LOW SES BACKGROUNDS HAS INCREASED BY MORE THAN 50%

More than 330,000 higher education students graduated from Australian universities in 2016. Australia’s University completion rates remain consistently high, which speaks volumes about the quality of education imparted. Currently, 39% of 25-34 year olds in Australia hold at least a Bachelor’s degree and higher. People from major cities like Melbourne, Sydney, Brisbane, Canberra, Adelaide, and Perth are, statistically speaking, twice as likely to hold a degree as those from regional and remote areas. In fact, Melbourne is the most popular destination for higher education, leading to higher investments in student accommodation in  Melbourne.

WITH A REPUTATION FOR EXCELLENCE, AUSTRALIA IS ONE OF THE TOP DESTINATIONS FOR INTERNATIONAL STUDENTS.

Australian universities welcome students from all around the world. There are departmental scholarships on offer as well to provide financial aid to less-privileged students of exceptional scholarly merit. In fact, the education of international students is Australia’s 3^RD largest export behind iron ore and coal, made possible by the significant number of Asian students who flock to the country each year. 

Australia’s international education sector is valued at $30.9 billion a year.

Australian universities have a significant research output and believe in a hands-on, practical approach to education, which increasingly attracts global and industry funding. Australian universities have also diversified their sources of income in recent years by heavily investing in individuals. As student enrolments have grown over the past decade, so have staff numbers. Some academic staff specialise in teaching or research but most tend to combine both for optimal results.

These figures are a reminder of the many ways in which universities drive Australia’s economic growth, extend the frontiers of human knowledge, make life-saving breakthroughs, and help the nation to transition in an era of digital disruption.

* Data as of 5 February 2018

The student data reported in this publication includes all higher education providers reporting their student data to Department of Education and Training (DET) through the Higher Education Information Management System (HEIMS). In 2016, 92 per cent of these higher education students studied at 39 UA member universities.

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