$5.1 million safeguard for international student course fees

The Minister for Education, Julia Gillard, today announced funding of $5.1 million to further strengthen Australia’s international education industry.

The funding will be made available to top up the Education Services for Overseas Students Assurance Fund (ESOS Assurance Fund) if required.

The ESOS Assurance Fund is the cornerstone of Australia’s international student consumer protection framework which safeguards the course fees of international students. The fund was established in 2000 with a $1 million start amount provided by the Government.

As at 31 January 2010, the ESOS Assurance Fund had a positive cash balance in excess of $3.35 million.

Since it was established in 2000 the total call on the fund has been $5.3 million.

The funding is one of a number of measures the Australian Government has initiated to ensure we remain a world leader in providing international education services. These measures include:

* ESOS Amendment (Re-registration of Providers and Other Measures) Bill which will require all providers delivering education and training to international students to re register by 31 December 2010
* The review of the current ESOS Act by the Hon Bruce Baird AM, which is due to report to the Australian Government shortly
* A National International Student Strategy currently being developed through the Council Of Australian Governments
* The International Students Hotline set up in mid 2009
* The establishment of the Tertiary Education Quality and Standards Agency and a national regulator for the Vocational Education and Training sector.

The Government’s decision will provide additional certainty for students and underscores the Government’s determination to ensure that the international education sector remains both strong and vibrant into the future.

Source: Minister’s Media Centre