The crackdown on student visas, coupled with uncertainty caused by the continuing delay to the priority skills list, could cost Australia at least $600 million in lost export revenue. Last month, there was a significant decline in applications from India, Vietnam and China. If there's a 10 per cent decline over a full year - with each student adding around $30k to the economy - that would be a $600m shortfall, conservatively. China and India are Australia's top two source countries for the $17 billion overseas student industry, which employs 125,000 people across the economy, and funds 25 per cent of university teaching.

The priority skills list is a list of those occupations and specialisations identified by the Department of Education, Employment and Workplace Relations (DEEWR) that are in short supply. The list is put on hold since early this year pending changes.

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