Increasing the average education level boosts the labour force participation rate by 0.48 per cent. In fact, increasing the average educational level will help countries like Australia better manage the challenges of demographic change. This is good news for countries like Australia, where the number of international students is growing. However, under-investment in education is causing outputs to be affected. Here are some tips on how to boost education levels and improve economic prosperity.
Universities are a major contributor to Australia’s economic prosperity
Higher education in Australia has grown rapidly, with the proportion of working age people holding a bachelor’s degree increasing from 7% in 1981 to 28% in 2011. The problem has been that government funding for universities has not kept up with the rising cost of providing higher education. Some of the shortfall has been covered by student contributions to HECS. Meanwhile, international students have contributed to the growth of universities by providing much-needed revenue to universities.
The Australian economy has benefited from a high-quality education system for its residents. The resources industry contributes to Australia’s economic prosperity by delivering jobs and high wages, and also generates a considerable amount of tax revenue. After the 1970s, the country shifted its focus from being isolated and isolationist to integrating with the region. This process, which began in the early 1970s, provided proof of Australia’s capacity to change and embraced the future.
International students are a growing part of the Australian workforce
here is strong evidence to support the importance of international students to the Australian economy. According to the Australian Bureau of Statistics, international students contribute to Australia’s economy by supporting more than 240,000 full-time jobs. This figure does not include the value of jobs created by former international students. The benefits of international education extend beyond supporting local employment, though. Former international students contribute to Australia’s cultural and social life, which is increasingly diverse.
The growing number of international students in Australia has created a challenge for policy makers. While many argue that international students should be treated like any other Australian student, the reality is that there are still a range of social concerns. Firstly, the idea of international students being treated as mere consumers in a global market is problematic. Second, international students can be vulnerable to discrimination and exploitation.
Under-investment in education is affecting outputs
In the last decade, Australia has been the only developed country to cut public investment in tertiary education, a drop of seven per cent when other OECD nations have increased theirs by 48 per cent. The latest World Economic Forum report placed Australia’s science and mathematics education in 29th place globally, behind most developed nations. In addition, more than one-third of Australian children did not complete pre-primary education, a key component of the education system.
The productivity miracle Australia has experienced in recent decades has been the result of a combination of economic reforms, including a national competition policy, and investment in human capital. While the 1990s saw Australia’s workforce skills play a minor role in boosting productivity, recent research shows that under-investment in education is one of the largest constraints to Australian economic prosperity. While this is not a complete answer to the question of whether or not under-investment in education contributes to Australia’s economic prosperity, it is a vital part of the discussion.
Impact of pandemic on Australia’s education sector
The emergence of a COVID pandemic has had profound and uneven effects on Australia’s higher education sector. The pandemic has led to abrupt changes in pedagogy, international mobility, research laboratories and institutional bottom lines. This article reviews the impact of the pandemic on higher education internationally and in Australia, focusing on the system’s internationalisation profile, funding, fees, and rankings.
The recent COVID-19 pandemic has disrupted schooling for most schoolchildren in Australia. Schools and universities have also shifted towards remote learning. The pandemic has forced major changes in school funding, and given a rare opportunity to reflect on the role of education in society. This paper presents the results of survey data on the attitudes of the Australian population towards schools and universities in response to the pandemic.