RBA Highlights Economic Impact of International Students in Australia
The Reserve Bank of Australia (RBA) has recognised the significant economic impact of international students in its latest bulletin. The report, 'International Students and the Australian Economy', highlights their contribution to the nation's coffers and job market.
In 2023, international education generated a staggering $29 billion in export income, underscoring its role as a major service export for Australia. These students, numbering around 4% of the total population and 15% of all tertiary education enrolments, inject substantial spending into various sectors, supporting local jobs.
Torie Brown, an economist mentioned in the RBA Bulletin, provides insights into the economic impacts of international students. She notes their steady recovery since late 2021, following pandemic-related disruptions. Brown also emphasises the need for sufficient student housing to sustain the sector's growth, given their significant demand for rental accommodation, particularly in high-density suburbs near universities.
Beyond their economic contributions, international students fill crucial labour gaps in sectors with high turnover and limited local supply. They also act as informal ambassadors, fostering diplomatic and economic ties with their home countries.
The RBA report underscores the vital and largely positive role international students play in the Australian economy. Their spending, labour contributions, and diplomatic benefits make them a critical component of the nation's economic and social fabric. As international student enrolments continue to recover, ensuring adequate student housing and supportive policies will be key to sustaining this growth.
