Australia Earns $50 Billion Net from International Students, Says RBA
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The Reserve Bank of Australia (RBA) has estimated a staggering AUD $50 billion net gain from international students, underlining their substantial contribution to the nation’s economy and labour market. The central bank’s latest bulletin also dispelled claims that the influx of international students is responsible for Australia’s surging rental prices.
According to the report, international students not only drive significant economic activity, especially post-pandemic through increased consumer spending but also serve as a crucial labour source in sectors like hospitality, retail, and health care. “A greater share of international students work in accommodation and food, as well as retail, compared with the share of the total labour force,” the RBA noted.
Australia continues to attract students in large numbers, and their presence is especially prominent in the workforce. They are the second-largest group of temporary visa holders with work rights after New Zealand citizens. Their growing participation in health care is seen as a response to the sector’s rising labour demand post-COVID.
Contrary to popular political narratives, the RBA’s findings suggest that international students have only a marginal effect on rental prices. A 50,000-person population increase would raise rents by just 0.5%, according to RBA housing market models. “Much of the rise in advertised rents occurred before borders were reopened,” the bank added.
The report also highlighted Australia’s increasing investment in purpose-built student accommodation (PBSA), with a notable rise in building approvals catering specifically to student needs. The government is currently considering expanding caps for institutions that invest in PBSA infrastructure.
Notably, around 30% of international students transitioned to temporary graduate visas between 2017 and 2022. However, recent visa policy tightening targets those more likely to seek employment, reducing the number of students entering the temporary labour market.
In conclusion, the RBA acknowledged that while the post-pandemic student surge may have contributed to inflationary pressure in 2022–2023, international students remain vital to Australia’s economy, both as consumers and as part of its workforce.
Source: THE PIE NEWS
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