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New research led by University of New South Wales (UNSW) Sydney Economics Professor Richard Holden has revealed that science, at UNSW alone, contributes more than $350 million to the Australian economy and $2.2 billion to global GDP annually. The institution’s academics, PhD candidates and postdoctoral researchers from around the world contribute to this impact.
UNSW leaders argue that the Federal Government’s proposed international student caps will be detrimental to the University’s ability to make economic and societal impact and discourages much-needed global expertise from overseas
to help Australia solve real-world issues.
Professor Holden says for decades, economists have emphasised the importance of idea generation as a key driver of economic growth. International academics make an immense contribution to advancing our business community across various sectors.
“The prospect of losing thousands of international academics and researchers from Australian shores would be a major
setback for our nation’s innovation and business outcomes. Fewer international prospects means less resourcing and
expertise to help solve business challenges. The impact would be felt across multiple industries, limiting the flow of new
ideas and reducing contributions to the global body of knowledge, which are crucial for driving economic and societal
progress,” Professor Holden said.
“The current debate overlooks and undervalues the immense contribution of the international community and to the global knowledge base, as well as vital research and development efforts,” he said.
Dean of UNSW Science, Scientia Professor Sven Rogge says the breadth and depth of UNSW’s work each year is profound
– contributing to advancements within universities, businesses, industry and communities. This impact would be severely diminished or even unachievable without the innovative minds of international academics.
“A loss of new viewpoints, expertise and experience from thousands of academics will significantly hinder the ability of
scientists and researchers to address real-world problems and support Australian businesses with innovation in fields such as sustainability, artificial intelligence, FinTech and climate risk,” Professor Rogge said.
The research from UNSW comes shortly after the launch of the Science faculty’s Pact for Impact – an Australian-first
initiative to make and measure the real-world impact of science and enhance opportunities for collaboration between the business sector and science community.
Professor Rogge says with 76 Pact Partners from industry and corporate Australia, this commitment secures Australia’s
position as a global leader in innovation and technology.
“The Pact for Impact emphasises the importance of retaining the international student market within Australia to ensure
we continue to deliver positive outcomes for the economy and society,” he said.
As the government’s bill approaches a critical vote, UNSW urges policymakers to recognise the essential role the
international academic community plays in fostering growth and prosperity – especially during a time when the Australian
economy cannot afford to lose such a fruitful resource.