International students flood back in record numbers
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I noted before Christmas how net overseas migration (NOM) is rocketing back, and has already exceeded the NOM forecasts in the October federal budget:
The Australian Bureau of Statistics’ (ABS) latest data breaking down the contributors to Australia’s NOM in the 2021-22 financial year showed that international students are behind the resurgence. 109,000 net student visa arrivals landed in Australia in the financial year – the second highest intake on record (behind 2008-09 when 122,000 net students arrived):
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Thus, international student arrivals accounted for around two-thirds of Australia’s 171,000 NOM in 2021-22.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.