International students return to Australia after 2 years of pandemic

According to new data, visa approvals for international students and foreign workers are now running at pre-pandemic levels and people are also moving back to Australia.

It is a matter of little concern, however, that it did not materialize that foreign students would look to the UK or other countries to study instead of Australia if they were discouraged.

It is a matter of happiness for those people who struggled to fill the vacancies and become part of companies working in business, service sector.

While the downside is that the new inward will put even more pressure on the rental market, especially in Sydney and Melbourne where supply is already very high.

On the other hand, universities are breathing a sigh of relief with the return of students. These universities generate a huge $40 billion annually for the national economy.

A recent report suggested that tenants may soon meet their financial limits.

Senior at AMP Capital Economist Diana Mousina said, “The inflow will certainly help with some of the staff crunch that a lot of businesses are complaining about.”

For those watching their employee pool and customer base in the hospitality, tourism and administration sectors for several months, they predicted they would soon feel an improvement. At the same time, he also said that but the additional competition for jobs will affect Australian workers.

He added, “One of the reasons we have had such a strong job performance in the last two years is that we have closed our borders.”

Diana Mousina said “we had to fill those gaps by using domestic workers instead of relying on foreigners.”

Mousina also said, “The withdrawal of foreign workers coupled with higher inflation will push the unemployment rate above the current 48-year low.

“Migration bounce back could also impact new housing demand, which was vulnerable to the recent RBI hike in cash rates,” he said. We can’t really see housing construction going down as expected over the next year.”

Overseas arrival and departure data is being tracked for August, but it remains at about half of its pre-pandemic capacity.

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