What’s the state of the higher education industry?
The last few years of covid have certainly been a challenge – not just in higher education, but for all industries, as well as for individuals and families.
We can see a growing tide of optimism in private higher education in Australia. Here are three reasons why:
1. The borders are open. During covid, it was a bit of a show stopper that international students weren’t able to enter the country. Thankfully that time is over, and there are new opportunities on the horizon. Indeed, the Australian government has continually acknowledged the importance of international students to Australia. The return ‘bounce’ is substantial.
2. The rise of the India-Australia relationship. I have travelled to India many times, and absolutely love it. Pre-covid, I never really understood why Australia did not cultivate a stronger relationship with India. This is particularly so since there are lots of commonalities: love of cricket, a similar sense of humour, and being commonwealth countries. Investment in the India-Australia relationship by the Australian government is substantial. When the China-Australia picks up again (and it will), there is going to be a lot of international education happening.
3. The economy is drawing people back to education. When times are tough, the economy draws people back to education. As education is a defensive industry, meaning that it is a fall back industry which people gravitate to in times of economic uncertainty, we can observe the paradox of a slow economy but a fast growing education sector. Why is this? It is because people look to re-skill, upgrade their knowledge, and gain new qualifications during a recession. They look to increase their attractiveness to employees, and the main way they do this, still, is through education.
So while higher education has been through tough times over the last few years, it is certainly is on an upswing.
There is no doubt a sense of optimism and possibility coming back to the market, and it is refreshing to see private higher education owners and entrepreneurs looking for growth opportunities again.
If you are interested in discussing higher education compliance or registration applications in Australia, please don’t hesitate to reach out.
