International education is a growth sector vital to the future economic prosperity of Victoria and a source of future employment for Victorians. In the face of Covid-19, international education remains to be one of the state government’s priority industries and sectors. Growing global demand for education services has seen over seven million tertiary students studying outside of their country of citizenship, and Victoria’s worldwide reputation for high-quality education is expected to continue to place the state in a strong position to capitalise on these demands.
International education has been Victoria’s largest services export industry for over a decade. The pre-Covid-19 data has been as follows:
- In 2019, the sector generated a record high A$13.7 billion in revenue;
- International education supported almost 79,000 jobs in 2018; and
- Victoria had a 32.3% share of total Australian onshore enrolments in 2019.
In the post-Covid-19 landscape, the Victorian Government is working to leverage its identity as the education state and to maximise the economic returns and the broader benefits of international education. The government is also committed to positioning Victoria’s international education sector for the long term, sustainable growth. Efforts include offshore delivery of education services, tech innovation and promoting Melbourne as one of the world’s premier destination cities for international cities.
International education makes significant economic contribution
In 2019, international education contributed A$37.6 billion to the Australian economy, which was a A$5 billion increase from the previous year. These figures confirm Australia is a world-leading study destination. In 2021 as borders reopen, it is expected the government will continue to focus on the sustainable growth of the sector and attract more international students to study in the regions, through the Destination Australia program and changes to student visa work rights.
With the governments now focused on post-Covid19 economic recovery, new businesses, startups and knowledge-intensive skills that support priority and growth sectors such as International Education (directly or broadly) are actively supported in each relevant state. Investors and entrepreneurs in the education space proposing tech innovation and sustainability are expected to do well in this new climate.
For more information to assist overseas students and entrepreneurs, or any other individuals and businesses in the international education sector, please contact Sellanes Clark and Associates.