According to a report, foreign education has contributed almost 1 billion Australian dollars to the Australian economy than predicted earlier.
The Australian government has mentioned it as the landmark report that has put the present real value of industry near to A$ 21 billion.
This report has also offered an prediction of contribution which is made by the education providers of Australia who delivers courses which was more than A$400 million last year with A$382 million produced from higher education.
According to Richard Colbeck, Foreign Education and Tourism Minister, foreign education is one of the leading two exports with tourism and it is among five important super development sectors that would sustain transitioning the economy of Australia in the next decade.
The analysis includes foreign students pursuing education at the institutions, higher education, providers vocational training and educational providers and those pursuing education in the intensive courses for English language for foreign students.
The latest identified stream of income is, in addition to income which is earned offshore includes around A$ 300 million that the student’ s visiting friends and family members contribute to the tourism industry of Australia every year. Around 1,09,103 tourists visited Australia on holiday or for visiting friends and family members.
Education related spending those who came in Australia on other visas for pursuing English is predicted to have contributed an extra A$205 million in export income.
The report has mentioned that it is predicted that the present stock of Australia’s foreign students would contribute around 1,30,000 skilled immigrants to the labor force after completion of their graduation. This has represented around 3% of hike in share of present work force of Australia with tertiary education.