Household consumption expenditure on education in Australia attained a value of $42.9 billion in 2021. It recorded a growth of 11.8% in 2021 compared to the previous year. Between 2010-2021, the household consumption expenditure on education in Australia increased by 58%. The indicator in Australia was highest in the year 2021 and lowest in the year 2010, between 2018 and 2021.
This indicator refers to household consumption expenditure on education. Education includes expenses on educational goods, schools, colleges, and other vocational educational services. Data is primarily sourced from household budget surveys, consumer expenditure, and national accounts datasets, hence there may be definitional or methodological differences between countries.
According to GlobalData, the countries with the highest household consumption expenditure on education in 2020 were the United States, Australia, Germany, Canada, Spain, Mexico, Italy, Colombia, France, and Hong Kong.
Montenegro, Estonia, Iceland, Malta, Lithuania, Bosnia and Herzegovina, Luxembourg, Slovenia, Croatia, and Mongolia are the countries with the lowest household consumption expenditure on education in 2020.
Between 2010 and 2021, Mongolia, Bulgaria, Singapore, Namibia, Austria, Thailand, Iceland, Azerbaijan, Australia, and Hungary were some of the countries with the highest household consumption expenditure on education. Romania, Greece, Italy, the Czech Republic, Portugal, Norway, Ukraine, Estonia, Turkey, and Mexico are the countries with the lowest household consumption expenditure on education.
The expenditure on education as a % of GDP in Australia was 8.5% in 2020, an increase of 2.9% from the previous year. Between 2010-2020, the expenditure on education as a % of GDP in Australia grew by 9.0%. In 2020, Australia spent more than $115 billion on education, with private education expenditure of $35 billion and public education expenditure of $80 billion.
The fight against poverty depends heavily on education. Spending on education contributes to economic growth and raises a nation's GDP. It contributes to lowering neonatal mortality, raising the average lifespan, and lowering school and college dropout rates.
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