Ministerial Directive 107 to Hit Economy for $722M

Universities Australia Chief Executive Officer Mr Luke Sheehy said: "We can't wait another 38 days - our economy needs the boost international education provides now and our universities need certainty and stability to deliver for the nation.

"Under MD107, almost 60,000 fewer visas have been granted in higher education, stripping an estimated $4 billion out of the economy and putting at risk 14,000 jobs in the university sector.

"This is a cap by stealth that is damaging not just the national economy, but it is also causing serious financial harm to our universities, particularly those in outer suburban and regional areas.

"The Government's commitment to keep this instrument until it legislates international student caps means this self-inflicted economic harm will continue until at least 18 November 2024.

"Every day MD107 is in place, Australia loses $19 million. This can't go on.

"We can't have a handbrake on the economy at a time the Government has promised to grow Australia's second largest export industry and is seeking to strengthen its economic credentials.

"Overseas students drove half of Australia's economic growth last year and the Reserve Bank warned this week that a reduction in numbers will hurt our economy, confirming what we know.

"When we need to be growing the economy, the Government is walking the other way.

"Wilfully weakening a $50 billion sector that supports around 250,000 jobs is economic vandalism without precedent.

"No other major export industry is treated in this way.

"Ministerial Direction 107 is doing more harm than good. It needs to be scrapped now, not in a few weeks or months.

"At a cost of $19 million a day, the Government must decide if there is more to gain from short-term politicking or prudent policy.

"It's a question that should be above politics."

COST OF MD107 - JURISDICTIONAL BREAKDOWN

WHERE MD107 IS HURTING THE MOST