Education & Training
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The education industry is the fourth largest export industry in Australia. This industry comprises accredited providers of university undergraduate and postgraduate teaching and research, colleges providing advance level courses, and vocational education and training institutions delivered by Registered Training Organisations (RTOs) such as TAFE and other private and community providers.
Evidently, the international education sector plays a key role in this industry. For example, overseas students make up more than 20% of the total student population in Australia Universities. The reason being, Australia is seen as a close, attractive and high-quality student destination for Asian countries, which accounts for 80% of international students.
International education is the top export of Victoria and New South Wale’s second top export after coal. The international student enrolments are forecasted to grow at an annualised rate of 1.2% in the upcoming years backed by immigration prospects. In addition, skill shortage has become a key issue across many Australian industries. Therefore, appropriate training and degree are designed to attract students to undertake a specific course which is rewarded with great job prospects or permanent migration opportunities.
The key drivers for the growth of Education industry are Secondary school retention rate, because students who complete secondary schools are more likely to seek higher education and training; population aged between 18 and 25, because people aged between this age are the major market for tertiary education, and most importantly the trade-weighted index, meaning if the Australian dollar is stronger, higher-education fees for international students is more expensive compared to the other part of the world. This might engender a decline in enrolments, exhibiting a threat to the industry revenue.
Keys to success:
- Find ATO benchmarks at (https://www.ato.gov.au/Business/Small-business-benchmarks/In-detail/About/Small-business-benchmarks/)that offers a broad database of small business benchmarks, which are a guide to help business compare their performance against similar businesses in the industry;
- The Federal government is centralising higher-education policy. This reform is likely to increase the growth in university and vocational courses enrolments;
- Increase in migration opportunities in order to match to skills shortage suggested by the Australian Workforce and Productivity Agency (AWPA), hence there is a great demand for tertiary sector enrolment of overseas students;
- The rapid growth of online courses is another area in which the barriers of entry is low, and the demand for it is gradually rising;
- Potential government reforms in student visa requirements will trigger more international student enrolments, which will have positive ripple effect on the add-on services such as rise in demand for student consultancy and immigration agency.
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