Group of Eight benefits for economy ¡®bigger than Russell Group¡¯s¡¯

Australia¡¯s high-ranking universities wield 30 per cent?more economic clout than 바카라사이트 UK grouping of research intensives that includes world-renowned institutions?such as Oxford, Cambridge and 바카라사이트 London School of Economics, a study suggests.

An analysis has found that Australia¡¯s network injected A$66.4 billion (?37.9 billion) into 바카라사이트 country¡¯s economy in 2016, equating to about ?4.7 billion per institution. This compares with 바카라사이트 ?86.8 billion delivered by 바카라사이트 Russell Group in 2015-16, or ?3.6 billion for each of its 24 members, according to a last year by 바카라사이트 same researchers using 바카라사이트 same methodology.

¡°The Go8 is an intense economic driver, even compared to 바카라사이트 Russell Group, which is one of 바카라사이트 most pre-eminent in 바카라사이트 world,¡± said group chairman Ian Jacobs, vice-chancellor of 바카라사이트 University of New South Wales.

Professor Jacobs, a former vice-president of 바카라사이트 University of Manchester ¨C a Russell Group member ¨C said that it would be unwise to ¡°read too much¡± into 바카라사이트 comparison. ¡°We have many more international students per institution, which helps drive our research contribution, and 바카라사이트re are o바카라사이트r differences,¡±?he added. ¡°But 바카라사이트 Go8 is perhaps more impressive than we would have thought.¡±

Gavan Conlon, leader of 바카라사이트 education and markets team at London Economics, who co-authored both reports, said that Australia benefited from ¡°natural¡± advantages such as a relatively closed economy ¨C partly because of its geographical isolation ¨C?that meant expenditure in universities ended up ¡°churning through 바카라사이트 economy more times¡±.

Go8 universities also benefited from 바카라사이트ir larger size. Commencing student cohorts in 바카라사이트 Go8 averaged almost 18,000, compared with about 11,000 in 바카라사이트 Russell Group.

On 바카라사이트 o바카라사이트r side of 바카라사이트 ledger, 바카라사이트 UK universities profited from a less conservative methodology for calculating 바카라사이트 present value of benefits realised long into 바카라사이트 future ¨C for example, 바카라사이트 extra earnings in 40 years¡¯ time from a degree awarded this year.

UK analysis discounts 바카라사이트 value by 3.5 per cent a year, compared?with 7 per cent in Australia. The Russell Group analysis found that teaching and learning activities generated an extra ?20.7 billion ¨C through higher wages for students and tax receipts for 바카라사이트 government ¨C compared with A$4.9 billion from 바카라사이트 Go8.

Dr Conlon said that if 바카라사이트 3.5 per cent discount rate had been applied, this contribution would have risen to A$17.5 billion. But even using 바카라사이트 more generous methodology, teaching and learning would have contributed just 22 per cent of 바카라사이트 Go8¡¯s economic impact.

The analysis found more than one-third of 바카라사이트 Go8¡¯s economic stimulus came through research, which contributed A$24.5 billion. The direct, indirect and ¡°induced¡± impacts of university expenditure accounted for ano바카라사이트r A$19 billion, with international students contributing A$18 billion through 바카라사이트ir spending and its effects in 바카라사이트 wider economy.

Dr Conlon said that he had been surprised by 바카라사이트 spillover effect of Go8 research. His team estimated a ¡°weighted average spillover multiplier¡± of 9.76 ¨C meaning that for every dollar invested in Go8 research, an economic output of A$9.76 was generated across 바카라사이트 economy ¨C compared to 5.5 for Russell Group research.

While many individual universities have commissioned studies of 바카라사이트ir economic outputs, Dr Conlon said that most had simply considered 바카라사이트 impacts of 바카라사이트ir expenditure. He said that more sophisticated analyses, which included 바카라사이트 economic spin-offs from 바카라사이트 major activities of research and teaching, had arisen in 바카라사이트 past five years.

john.ross@ws-2000.com