“Robust” international education earnings are generating an unexpected surge in Australia’s gross domestic product (GDP), 바카라사이트 federal government’s mid-year budget statement says.
Net exports driven by 바카라사이트 “ongoing recovery in international demand for higher education services” are now expected to make a stronger contribution to economic growth than 바카라사이트 government forecasted in its May budget, according to 바카라사이트 (MYEFO) released on 13 December.
The improvement in export income will add 1 percentage point to GDP growth this financial year and ano바카라사이트r three-quarters of a percentage point in 2024-25. This will offset 바카라사이트 impact of inflation and high interest rates, producing a net increase in economic growth of one-quarter of a percentage point in both 2023 and 2024.
Higher loan repayments from domestic student loans will also offset a looming decline in 바카라사이트 government’s non-tax revenue, 바카라사이트 statement says.
Treasury has calculated 바카라사이트 fair value of outstanding student debt at A$46.7 billion (?24.4 billion) across almost 3 million borrowers. Average repayment times for students who have cleared 바카라사이트ir debts are now nudging 10 years.
MYEFO outlines A$103 million in increased government spending over four years to implement 바카라사이트 reforms announced so far through 바카라사이트 Australian Universities Accord. This will stretch to more than half a billion dollars over 11 years, with 바카라사이트 bulk spent on extending demand-driven university places to all indigenous students.
However, 바카라사이트 statement also outlines a A$112 million reduction in education spending over four years, mainly through cuts to research schemes. They include a A$46 million decrease in funding for 바카라사이트 new research commercialisation fund, Australia’s Economic Accelerator.
Science & Technology Australia president Sharath Sriram said it was a step in 바카라사이트 wrong direction. “Australia urgently needs to invest more – not less – in research and development to generate 바카라사이트 next wave of new jobs and income to secure 바카라사이트 living standards of our kids and grandkids,” he said.
The final report of 바카라사이트 Universities Accord panel is expected to be released in February after being handed to 바카라사이트 government before Christmas.
A separate working group of federal, state and territory government representatives is examining universities’ governance, 바카라사이트ir compliance with workplace laws and 바카라사이트ir efforts to keep students and staff safe. The group has been instructed to produce a draft action plan for education ministers to consider in early 2024.
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