From a 2018 article (here):
Australia has managed to turn immigration into an export industry. After minerals, Australia’s largest “export” may well be educational services, represented by tuition fees paid by international students studying in Australia. It is an open secret that most of these students view an Australian degree as a back door to permanent residency. In effect, Australian universities are selling more than just a quality education. They are selling the hope of a permanent resident visa along with it.
As a result, Australia, with a population of about 25 million, is ranked fourth in the world for the number of international university students, welcoming nearly one-third as many students as the United States (population 325 million). In addition to 382,000 international university students, Australia hosts a further 248,000 junior college and high school students. And international enrollments are growing at enormously, with about one-third coming from China.