The Albanese Government is continuing to hold Australia's universities to ransom under Ministerial Direction 107 (MD107) while damaging the nation's economy.
Education Minister Jason Clare this week doubled down on the Government's commitment to keeping the destructive instrument in place until it legislates caps on international students, despite acknowledging the hurt it is causing many universities.
Universities Australia Chief Executive Officer Luke Sheehy said the sector's warnings of deeper budget deficits and job losses were starting to be realised due to the economic hit of MD107.
"Australia's universities rely on revenue from international students to fund their operations after decades of underfunding by governments of both persuasions," Mr Sheehy said.
"MD107 has resulted in 60,000 fewer visas being granted in the higher education sector, resulting in billions of dollars in lost revenue for our universities and the economy.
"Universities, not by choice but out of necessity, are now taking cost-saving measures to offset the revenue loss from fewer reduced international students.
"The longer MD107 is in place, the more damage it will do.
"Minister Clare's acknowledgment of the hurt it is causing universities is cold comfort.
"There is nothing stopping the Government from ending the pain caused by MD107 today."
Universities Australia estimates MD107 has already cost our universities and the economy around $4 billion while putting at risk 14,000 jobs in the university sector alone.
"We should be growing industries that deliver jobs, growth and opportunities for the benefit of all Australians, not holding them back at a time our economy is under pressure," Mr Sheehy said.
"International education is a critical national asset. It should be treated as such."
