Weak Aussie dollar means financial boon for UOW international enrolments
/ By Justin HuntsdaleThe University of Wollongong is hoping the weak Australian dollar will help attract more international students to the city.
New figures released by the Australian Bureau of Statistics this week paint a positive economic future for universities with a strong international student population.
The statistics said that international students contribute almost $20 billion each year to the Australian economy, and as the Australian dollar weakens, international student enrolments go up.
We can expect to look at growth in Australia of seven to nine per-cent, so it will be very strong growth and a good opportunity for universities looking to grow and get a bigger share of the marketplace.
"The statistics suggest that international education exports are the third most significant export in Australia after coal and iron ore, so they're extremely important to the future of this country," incoming Deputy Vice Chancellor of Global Strategy at the University of Wollongong, Professor Alex Frino said.
"We've known for quite some time that Australia provides a very enticing educational experience, particularly for South-East Asian markets and it's been growing, so it's not surprising at all."
The University of Wollongong currently has over 7,700 of the 287,000 international students studying in Australia, and was recently named one of the 100 most international universities in the world, according to Times Higher Education.
If current trends of growth in international enrolments continue, the number of international students is forecast to reach 500,000 in the next 10 years, making up 2 per cent of Australia's population.
Professor Frino said there was a tight relationship between movement in the Australian dollar and international enrolments.
"Over the last 10 years, the average growth in international student numbers has been 5 per cent, but when the Australian dollar drops 10 cents, this adds 2 per cent growth.
"We can expect to look at growth in Australia of 7 to 9 per cent, so it will be very strong growth and a good opportunity for universities looking to grow and get a bigger share of the marketplace."
He said the marketplace had recognised that the Australian dollar has been 'overvalued' in recent years, and the current rate (0.71 USD) was a more stable and realistic figure.
If that figure remains stable, the University of Wollongong is well-placed to grow its international student enrolments.
New position in Wollongong a homecoming
Currently Professor Alex Frino is the Dean of the Macquarie University School of Management, but he will take up the position of Deputy Vice Chancellor of Global Strategy at the University of Wollongong in May.
The prominent finance academic is a University of Wollongong alumnus, and said he was looking forward to returning to Wollongong as a staff member.
"It's great to be back at Wollongong and I've got fond memories of the university. I love the place," he said.
"It feels like I've come back home and I'm looking forward to helping out in the local community that's going through some hardship.
"I think the university could play a major role in the economic development of the local region."
Times have changed since Professor Frino studied in Wollongong, and the university has undergone significant expansion.
"It's completely different — I couldn't even locate the Vice Chancellery or the duck pond," he said.
"It was a lot less developed than it is now, but it's a beautiful campus."