Australia sells education to Chinese students

Chinese students are flocking to Australia, making up a fifth of some 400,000 people seeking an education Down Under. At Federation University in Victoria, more than 44% of the students attending Australia’s newest university come from overseas with most paying fees that are about double those paid by locals, writes David Fickling for Bloomberg Business.

Education is now Australia’s fourth-largest export with record revenues of A$16.69 billion (US$13 billion) last year, as a relaxation of visa rules helped draw more students. It is a bright spot in an economy that is growing below its potential after an about 60% plunge in the price of its biggest export to China, iron ore.

“The growth drivers in Australia will lean very heavily on services and education is the leader,” Australia’s Trade Minister Andrew Robb said in a phone interview on March 30. “It won’t just be doubling in income in a decade, it’s potentially two-and-a-half times the size.” And, according to Alan Olsen, director of consultants Strategy Policy and Research in Education Pty, education exports will hit A$30 billion by 2020.
Full report on Bloomberg Business site