Overview

• Reserve Bank research finds international students boosted short-term demand and likely added to post-pandemic inflation, although supply constraints and interest rates had larger effects.
• Enrolments jumped from under 300,000 in 2022 to about 560,000 by the end of 2023 and have since stabilised near those record levels.
• International students spend roughly twice as much as Australian residents, driven by upfront tuition fees and the savings they bring, making education one of Australia’s top five exports.
• Students occupy over 20% of private rentals in some local areas, contributing to housing pressure even though they account for only a small share of overall rent increases.
• Work-hour caps rose from 40 to 48 hours per fortnight after the pandemic, and recent visa tightening targets work-focused arrivals while supporting sectors facing labour shortages.