International education drives surprise boost to Australia¡¯s GDP

¡°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 ¨C not less ¨C 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.

john.ross@ws-2000.com