The recent information from the Bureau of Statistics from Australia had showed that the exports from the Australian foreign sector for education services had touched the all-time high figures of AUS$18.8 billion.
This year, the foreign education activity is rising as around half a million overseas students prefer to live and study in Australia and it had already contributed around AUS$18.2 billion to the economy of the Australia. This statistics is 14.5% high from the year 2013-14 figures which stood at AUS$ 15.9 billion and also up by 6.7% from the year 2014 which was AUS$17.0 billion.
These statistics confirms that the foreign education remains the major export for Australia, and according to Richard Colbeck, Senator, Tourism and Foreign Education Minister, the foreign education sector is the third major export after iron ore, which is worth AUS$54.5 billion and coal which is worth AUS$37.9 billion.
According to him, the exports of education services for the year 2014-15 has raised by 15%, which also shows that our booming foreign education sector continues to move forward from strength to strength.
He also told that the foreign education is the key generator of employment, with the sector supporting more than 1,30,000 jobs in the regions and cities across Australia. The government is committed for ensuring that the foreign education sector continues to be one of the key strengths of the economy of Australia.
The total income from export that is generated by all the activities regarding foreign education was just short of AUS$19 billion.
The foreign students within the sector have generated around AUS$12.5 billion in the export income while the students in the training and vocational education sector have produced around AUS$2.9 billion.
The minister also noted that how the sector has permitted the government to form the research and strategic business networks between Australia and the world’s major trading partners.