Due to the lower Australian dollar, the export income from the foreign students had increased to 13% in the year 2015 to a yearly statistics of around $20 billion.
In the business statistics that were revealed, the Statistics Bureau of Australia told that the entire spending by the foreign students that includes fees, accommodation, expenses for living in Australia was $19.2 billion last year when compared to $17 billion in 2014.
According to Phil Honeywood, Executive Director, Australian International Education Association, the figures had revealed that the foreign students made an important contribution to the economy of Australia.
Statistics had revealed that around 65,000 foreign students were pursuing education in Australia last year; that was over 10% more when compared to the year 2014.
Over 2,70,000 foreign students are pursuing higher education in Australia. The number of students taking the vocational courses are also increasing with around 14% of increase to around 1,70,000.
According to Richard Colbeck, Federal Foreign Education Minister, the lesser dollar was putting an affect on the number of foreign students who are going to study in Australia. The source nations for Australia are very cost sensitive markets and replied well to the better rate of exchange.
According to Mr. Frino, Vice Chancellor, Wollongong University, 10% decrease in the Australian dollar has lead to the 2% increase in the number of foreign students registering in the Australian universities. He had also predicted that in the near future, around half million foreign students would enroll in the Australian universities.
Honeywood informed that there has been an increase in the application for the visa from the Indian students.