The Albanese Government's move to slow student visa processing under Ministerial Direction 107 continues to hurt the economy.
Today's national accounts show the economy rose just 0.2 per cent in the June quarter, half the rate it grew in 2023, and just 1.5 per cent over the last year (down on 3.0 per cent in 2022-23).
Meanwhile, student visas granted in higher education in the June quarter are down 27 per cent compared to last year, the equivalent of 17,631 students.
Universities Australia Chief Executive Officer Luke Sheehy said the Government's crackdown on international students was contributing to Australia's economic slowdown.
"Today's national accounts is yet another wake-up call for the Government to revoke Ministerial Direction 107 to support our universities and the economy," Mr Sheehy said.
"With the economy stalling, we need to be growing industries that drive economic growth rather than adding more strain.
"International students accounted for around half of all GDP growth last year. They contributed almost $50 billion to the economy and support around 250,000 jobs.
"Despite this, the Government is actively limiting the number of students coming here to study at a time we need to be combating the high interest rates weighing on the economy.
"The Government has used Ministerial Direction 107 to slow visa processing to a trickle and drive-up visa cancellations in response to political pressure over migration and housing.
"Visa grants in higher education alone are down 23 per cent on last year, causing a $4.3 billion hit to the economy and putting 14,000 jobs in our sector at risk.
"International student fees help drive Australia's economy and support universities to operate, making up a shortfall in government funding for research, teaching and campus infrastructure.
"It's time for the Government to revoke Ministerial Direction 107 and give our sector and the economy the certainty, stability and growth it has long promised."
