Australia is No. 3 country of choice for international studies: HSBC survey
Australia is the the third most popular country for higher education among parents considering international university education for their children, a new survey by HSBC reveals.
In all, 38 percent of parents from 15 countries rated Australia as one of their top destinations from a list of 50 countries, according to HSBC’s The Value of Education - Foundations for the Future report.
Australia is also a cheaper education destination compared with several countries such as the US, with the average annual tuition fees for international university students being US$26,136 per year.
The number of international students enrolled in universities outside their home countries is expected to rise to more than 8 million worldwide by 2025, up from 4.5 million students now, according to the Institute of International Education.
This presents Australia with a clear opportunity to cash in on the growing education market.
Graham Heunis, head of Retail Banking and Wealth Management for HSBC Australia, said, “This data underscores the contribution that education makes to the Australian economy. It is already Australia’s third largest export earner - behind only iron ore and coal – and is expected to grow further as parents from the Asia Pacific, in particular, seek an international university education for their children.”
The number of international students in Australia is up by 11% from 2015 with almost half a million enrolling here so far this year. Better job prospects, exposure to new cultures, international experience and language skills are considered to be among the benefits of study abroad.
“However, offshore education comes at a higher cost, with living expenses and air fares on top of tuition fees. Early planning and taking advantage of foreign exchange movements can help parents overcome these financial barriers,” said Graham.
The HSBC research shows Australia was the preferred choice of Indonesian parents, with 14,833 Indonesian students currently enrolled to study here. A fifth of all student visas for Australia are issued to Chinese nationals (Department of Education and Training 2016).