HUGE REVENUES EXPECTED IN AUSTRALIAN EDUCATION MARKET
Key Financial Metrics On Australias Higher Education Sector
According to Ken Research, the Australian education market is expecting huge revenues over USD 115 billion by 2020. The changes in the education market that is the rising competition among students and innovative e-learning are benefiting Australian education market.
The education industry has become a crucial industry in Australia which is contributing a lot in the development of the economy of the country.
There has been an extraordinary growth in the education industry of Australia from 2010 to 2015 and particularly in the tertiary education sector which is contributing one-third of the total revenue earned in the education sector of Australia in the year 2015.
The superior quality of education and practice of English as a medium of communication has made Australia a preferred education hub for International students.
The country is attracting overseas students from different countries like China, India, etc. New South Wales, Queensland, and Victoria are the three states that recorded maximum number of K-12 school enrollments and this trend was maintained from 2010 to 2015.
Higher education is one of the prime sectors in education industry in terms of revenues mainly because large number of movement happens in this sector from overseas students.
Foreign students from all over the world travel to Australia seeking for higher education. The liberal immigration policy of the country is also one of the reasons behind the success of education sector.
It was observed in the research that in the K-12 category higher enrollments were made in male category, but female enrollments were more under higher education category. Vocational education and training (VET) is also one of the crucial elements of the Australian tertiary education.
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This sector is supposed to build a strong relationship between education and industry, and is considered to be the first step towards the corporate world. In the year 2015, almost 4.5 million students were registered in the VET sector as most of the VET courses in Australia are offering practical training and experience to the students which prepare them to be ready for the industry.
The Government of Australia is taking various steps to develop the tertiary education sector of the country.
The government is using Education Investment Fund of the country for refurnishing the infrastructure of universities and around 10 projects worth of 220 million were approved by the government for restructuring the universities of Australia.
Government of Australia is more focused on developing STEM related courses and funding more that is almost USD 9 million in the STEM sector to boost up admissions in these fields. The research observation also reveals that the Australian parents are willing to pay excessive amounts in tutoring.
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The tuition fees in various centers in Australia will be around USD 40-60 per week, which could be even higher if it is a private center that could go up to USD 120 for an hour, which is very expensive when compared to other countries.
It has also been observed that its not only the price of tuition that have increased but the age of the students going to tuition have also decreased as parents are opting for tuition for their children at a very young age.
As stated by Ken Research, a research analyst that, the association between industry and the higher education sector has been constantly shifting and deepening. For universities to grow, they need to maintain deeper liaison with the industry, since the significance of industry based learning and on the job training will act as a competitive edge for the universities.
The report of Ken Research that is Australia Education Market Forecast to 2020- Expanding Higher Education Segment and International Enrollments to Drive the Market provides a detailed overview of the Australian education industry.
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