University of Wollongong expects some short-term economic pain following a significant downturn in enrolments' of Chinese students due to the coronavirus outbreak.
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But UOW has never been better placed to bounce back from the financial hit.
A recent report shows its contribution to the Illawarra and Australian economy has grown six per cent in the last three years.
Leading Locally, Competing Globally: Economic Impact Report 2020, found the university's direct, indirect and induced economic impact is now worth $1.4 billion annually on 2018 figures, compared to $1.3 billion in 2015.
The coronavirus (COVID-19) outbreak has brought into focus the increasing importance of education - particularly international students - to the Illawarra and Australian economies.
"In responding to COVID-19, the safety and wellbeing of all of our students, staff and communities is our paramount concern," UOW Vice-Chancellor Professor Paul Wellings said.
"UOW has accepted and implemented all the advice of government. We are providing every possible assistance to all of our students and, while we hope the situation can be resolved so normal international movement can resume, we need to prepare for a short-term financial and economic impact."
A decrease in student enrolments is expected to create a local flow on economic impact from lost student expenditure on accommodation, health insurance, travel, transport, retail, entertainment and hospitality spending.
The experience of the 2003 SARS outbreak was of an initial short-term economic impact followed by a period of rapid recovery and steady growth over the medium term once the virus was contained.
The UOW has about 2200 Chinese students enrolled, 1082 of which are still abroad.
But UOW is minimising the impact by a deliberate strategy of diversification in onshore international student enrolments and offshore growth to avoid overexposure to any single market.
The university has increasingly deepened its connection with Central Asian countries, particularly India, Sri Lanka and Nepal via research agreements, transformative projects, education exchanges and academic partnerships.
Some 115 nations are represented in UOW's onshore student community, with India now providing the largest cohort of international students.
This diversification has occurred alongside a steady expansion in UOW's offshore presence in recent years.
"There are now about 18,000 UOW and UOW College students studying across these campuses and at UOW in Dubai, which has been operating for 26 years and is preparing to move into a new purpose-built campus in 2020," Prof Wellings said.
"Our growth internationally has been strong and these operations are largely unaffected by the current limitations in Chinese student mobility.
"Our strong economic and financial position, prudent financial management, diversity in onshore international student enrolments and offshore growth will help shield UOW and the Illawarra- as far as possible-from significant longer term economic impacts of COVID-19."
He added the findings of the report - prepared by researchers from UOW's SMART Infrastructure Facility and leading international professional services firm Ernst and Young - confirmed the region's continuing transition from an industrial economy relying on mining and manufacturing to a knowledge economy with education and research outcomes as its major exports.
In terms of employment, UOW sustains 7666 full-time equivalent jobs in the Illawarra, 8331 across NSW and 10,938 nationally.
UOW'S good numbers:
- UOW's direct, indirect and induced economic impact is now worth $1.4 billion annually on 2018 figures, compared to $1.3 billion in 2015.
- UOW sustains 7666 full-time equivalent jobs in the Illawarra, 8331 across NSW and 10,938 nationally.
- The university's iAccelerate business incubator program generated more than $57.6 million in gross revenue in 2019 alone.
- UOW student expenditure nationally totalled $410 million in 2018
- UOW's regional campuses Bega and Batemans Bay provided refuge for more than 300 residents and visitors during the January 2020 bushfires. The value of UOW student and staff volunteering on campus and in the community during 2019 is estimated at$156,000, with 2700 hours of volunteer work performed in Early Start alone.