The topic chosen for this essay is “Education revenue soars to become Australia's $20 billion export” (Financial Review 2016). It has been taken from “The Australian Financial Review” (AFR), which is a business and finance newspaper and is published six days a week. This essay will provide a brief summary of the news article and will comment on the background to the chosen news. It will analyze the importance of the news in international business and it will also comment on how the key issue in the news would affect the Australian exports.
This news is regarding the rising of education revenue to become Australia’s $20 billion export industry. According to this news, the export revenue comes from the international students, who are driven by the lower dollar (Financial Review 2016). The trade figures released by the Australian Bureau of Statistics revealed that in Australia, the total spending by the international students was estimated to be $19.2 billion in the year 2015, and in the previous year of 2014, it was estimated to be $17 billion (Financial Review 2016). They spent on the course fees, living expenses, accommodation and recreation (Financial Review 2016). According to Phil Honeywood, who is the executive director of the International Association of Australia, this data has revealed that a significant contribution has been given by the international students to the economy of Australia, particularly at the time when there was a declining of the resource exports (Bhandari and Blumenthal 2013). The impact of lower dollar has increased the economy of this country as several international students arrive in this country to pursue education, which is relatively inexpensive (Financial Review 2016). According to the Federal International Education Minister, the lower dollar has a real impact on the populations of international students. The 13% increase in education exports in the year 2015 followed 14% growth in the year 2014 and has raised concerns regarding the sustainability of the sector (Financial Review 2016).
Source: (Financial Review 2016)
The background of the chosen news revolves around the export revenue has rise due to the international students studying and living in Australia. Due to this reason, the economy of the country has also increased in the recent years (Bhandari and Blumenthal 2013).International educational has become a major employer and this particular sector has provided support to around 135,000 individuals of this country (Marginson 2015). The government continues to work in ensuring that international education persists to be one of the most significant contributors to the rising strength of the economy of this country and source of employment in the future (Olsen et al. 2015).
Source: (Marginson 2015)
With respect to the international business, the importance of this news relies on the fact that due to the growing numbers of the international students in Australia, the economy of this country has increased to a noteworthy extent (Dyster and Meredith 2012). The sector of international education of this country has now achieved height of success (Stromquist and Monkma 2014). The direct contribution of this particular sector evaluates the benefit that is created directly due to the expenses on fees, services as well as on the other commodities (Marginson, S., 2015). The spending on services and goods also contribute directly towards employment in the Australian economy (Arnove et al. 2012). These aspects have made this country more efficient and therefore, it can compete with almost all the other countries of the world. The international enrolment data for the first half of the year 2015 has been released by The Australian Department of Education and Training and is attempting to for continuing the powerful economic growth of this country (Marginson 2015). The competitors of Australia need to learn regarding the efficiency of the education system of this country and attracting large number of students from all the corners of the world (Arnove et al. 2012).
Source: (Stromquist and Monkma 2014)
The key issue in the news has affected the Australian exports in a way that it has become a significant part of the economy of Australia (Olsen et al. 2015). International education has paved a way for economic and social associations, which sustain long-standing rewards in Australia and its business counterparts (Marginson, S., 2015). It has affected the business, research and cultural associations within as well as between Australia and its associates (Stromquist and Monkma 2014). It provides additional income to the institutions of Australia and enables them in improving the quality of the facilities together with the services of education (Olsen et al. 2015). It assists in placing those graduates, who are capable to hold prominent, social, economic, political and systematic roles within their countries (Stromquist and Monkma 2014). It also helps in internationalizing the cities as well as towns in an era of globalization (Lauder et al. 2012). The impact of lower dollar has increased the economy of this country as a number of international students arrive in this country to pursue education, which is comparatively inexpensive (Dyster and Meredith 2012). The involvement of this sector evaluates the additional worth that is formed directly due to the expenses on fees, services and on the other goods (Arnove et al. 2012). The expenditure on services and goods also contribute directly towards employment in the economy of Australia (Dyster and Meredith 2012). These characteristic have made this country more resourceful and therefore, it can compete with almost all the other countries of the world (Bhandari and Blumenthal 2013).
To conclude, in the recent years the economy of Australia has increased to a remarkable extent due to the impact of the international education. It has influenced the business, research and cultural relations within and between Australia and its partners. It has provided extra revenue to the institutions of Australia and has enabled them to improve the quality of the facilities and with the services of education. It has helped in placing those graduates, who are competent to hold, social, economic, political and systematic roles within their countries. Therefore, in future this country needs to provide additional platforms to the students from the different parts of the world effectively.
Arnove, R.F., Torres, C.A. and Franz, S. eds., 2012. Comparative education: The dialectic of the global and the local. Rowman & Littlefield Publishers.
Bhandari, R. and Blumenthal, P., 2013. International students and global mobility in higher education: National trends and new directions. International Studies, 1(11), pp.316-317.
Dyster, B. and Meredith, D., 2012. Australia in the global economy: continuity and change. Cambridge University Press.
Financial Review. (2016). Education is Australia's $20b export. [online] Available at: https://www.afr.com/news/policy/education/education-revenue-soars-to-become-australias-20-billion-export-20160203-gmke3k?logout=true [Accessed 3 Aug. 2016].
Lauder, H., Young, M., Daniels, H., Balarin, M. and Lowe, J. eds., 2012.Educating for the Knowledge Economy?: Critical Perspectives. Routledge.
Marginson, S., 2015. International Education in Australia: A long way down.International Higher Education, (62).
Marginson, S., 2015. Is Australia overdependent on international students?.International Higher Education, (54).
Olsen, A.J., Burgess, Z. and Sharma, R., 2015. The comparative academic performance of international students in Australia. International Higher Education, (42).
Stromquist, N.P. and Monkman, K. eds., 2014. Globalization and education: Integration and contestation across cultures. R&L Education.
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