HSBC has put out a report which found Australia is the most expensive country for overseas students to live, and study in.
While it costs around US$38,000 per year, the country is still really popular with overseas students, and HSBC said the falling Australian dollar will see this increase.
According to the research, Australia’s average annual cost of US$38,000 was followed closely by the US, with total costs over US$35,000, and the UK, third with $30,000.
The HSBC research reviewed data on higher education in 13 countries and territories around the world.
“While Australia’s education sector has taken a hit in terms of overseas student numbers, the proportion of international students in Australia remains strong, indicating many are looking past the cost impact to other factors such as quality of life and education and proximity to home,” said head of retail banking and wealth management for HSBC in Australia Graham Heunis.
The Australian education sector suffered a 12% drop in international enrollments between 2009 and 2012.
“In addition, changes implemented by the Australian Government to streamline international student visa processing, introduced in 2012, should also help increase the influx of international students to Australia.”