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When it comes to education, Australia is the most expensive destination for international students, a global HSBC report has found.

Surveying more than 4,500 parents in 15 countries, the research found an Australian education is more expensive than in the US and the UK.

The total cost of international study in Australia, including fees and cost of living, is estimated at $US42,000 a year compared to $US36,000 in America.

Here’s the chart.

But it’s not just cost that Australia topped out on. The report also found there is problem with perceptions around the quality of education with a quarter of those surveyed ranking Australia within the top three nations for education.

“The cost of education in Australia is also disproportionately higher than the perceived quality of the education on offer,” HSBC said.

Australia, while it remains popular with Asian parents, is rating lower in China which has been where the majority of the country’s international students have come from in the past decade.

The table below shows Chinese respondents ranked Australia 5th when it came to perceived education quality.

“China’s growing middle class means that it will continue to represent a significant part of the international student market, globally. Attracting Chinese student intake will be a key factor in maintaining education’s role as a key export sector for Australia,” said Graham Heunis, HSBC head of retail banking and wealth management.

Australia’s universities have the highest concentration of international students in the world, making up about 20% of the student population compared to the global average of 7%.

Proximity to Asia and high quality of life have been two of the reasons Australia has punched above its weight when it comes to attracting international students.

HSBC says the reputation of Australia’s tertiary education system is important for the economic viability of the industry which has become heavily reliant on international students.

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