Foreign students are saving the economy
Michael ReadEconomics correspondent
Spending by international students accounted for more than half of Australia’s economic growth in 2023, according to new research warning that a sharp increase in visa refusal rates will be a headwind to growth this year.
GDP growth slumped to an annual rate of 1.5 per cent in December 2023, the Australian Bureau of Statistics said this week, as non-essential spending and home building activity contracted in response to the fastest interest rate tightening cycle in decades.
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