Tag: Minimal

  • AUD $50bn net gain from students with minimal rent price impact

    AUD $50bn net gain from students with minimal rent price impact

    International students are not responsible for sky-high rental price hikes, according to the latest analysis produced by Australia’s central bank, the Reserve Bank of Australia.

    In its latest bulletin assessing the role international students play in Australia’s economy, it estimated a AUS$50bn net gain from students and underlined their value as employees too.

    Spending by international students was also an important contributor to growth in consumer demand in Australia following the pandemic, it declared.

    “In periods of strong inflows of students, such as just after borders reopened after the pandemic, this likely had an important effect on aggregate demand in the economy.”

    And the report pointed out that international students constitute the second largest group of temporary visa holders with work rights in Australia after New Zealand citizens.

    “A greater share of international students work in accommodation and food, as well as retail, compared with the share of the total labour force,” detailed report authors.

    “Further, an increasing share of students are now working in health care, consistent with strong labour demand in this sector.”

    The report noted this contribution was important in helping businesses in these sectors facing labour shortages in the tight labour market that emerged post-pandemic.

    The timing of the report is useful, as new ESOS legislation is considered and the government is facing calls from the sector to stop stifling international student demand – with the latest calls relating to the new visa application fee which is killing demand from short-term students.

    When it comes to the political hot potato of international student populations squeezing out domestic renters or contributing to accommodation price surges, RBA was dismissive of that thesis.

    The rise in international student numbers is likely to have accounted for only a small share of the rise in rents since the onset of the pandemic
    Reserve Bank of Australia

    Models of the housing market used by the RBA suggest that a 50,000 increase in population would raise private rents by around 0.5 per cent compared with a baseline projection. The marginal effect of an additional renter may be greater in periods where the rental market is tight and vacancy rates are low, such as occurred post-pandemic.

    “Nonetheless, the rise in international student numbers is likely to have accounted for only a small share of the rise in rents since the onset of the pandemic, with much of the rise in advertised rents occurring before borders were reopened.”

    One area where higher international student numbers have generated a supply response has been in purpose-built student accommodation, noted the report, with rapid growth in building approvals for such projects in recent years.

    Note the gov plan to expand cap for insttutions investing in PBSA.

    Another interesting fact shared was that International students make up around one-third of Australia’s permanent resident intake –  around 30 per cent of international students went on to apply for temporary graduate visas in the five years to 2022, said the report citing 2022 data.

    There is less expected flow into temporaray labour market now – “this is because the recent tightening in visa policy has targeted groups of students who were more likely to be seeking to work” explained RBA.

    “That is, those international students who do receive visas going forward are less likely to be focused on employment opportunities in Australia on average,” said the report, citing Andrew Norton.

    In sum, “rapid growth in the international student stock post-pandemic likely contributed to some of the upward pressure on inflation from 2022 to early 2023, especially as arriving students frontloaded their spending as they set up in Australia and took time to join the labour market. However, the increase in international students was just one of many other forces at play in this time that drove demand above supply in the economy, and hence higher inflation. For instance, supply-side factors were the biggest driver of the increase in inflation in 2022 and 2023 (RBA 2023; Beckers, Hambur and Williams 2023) while strong domestic demand arising from supportive fiscal and monetary policy also played an important role.”

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  • Chat Bot Passes College Engineering Class With Minimal Effort

    Chat Bot Passes College Engineering Class With Minimal Effort

    Since the release of ChatGPT in 2022, instructors have worried about how students might circumvent learning by utilizing the chat bot to complete homework and other assignments. Over the years, the large language model has enabled AI to expand its database and its ability to answer more complex questions, but can it replace a student’s efforts entirely?

    Graduate students at the University of Illinois at Urbana-Champaign’s college of engineering integrated a large language model into an undergraduate aerospace engineering course to evaluate its performance compared to the average student’s work.

    The researchers, Gokul Puthumanaillam and Melkior Ornik, found that ChatGPT earned a passing grade in the course without much prompt engineering, but the chat bot didn’t demonstrate understanding or comprehension of high-level concepts. Their work illustrating its capabilities and limitations was published on the open-access platform arXiv, operated by Cornell Tech.

    The background: LLMs can tackle a variety of tasks, including creative writing and technical analysis, prompting concerns over students’ academic integrity in higher education.

    A significant number of students admit to using generative artificial intelligence to complete their course assignments (and professors admit to using generative AI to give feedback, create course materials and grade academic work). According to a 2024 survey from Wiley, most students say it’s become easier to cheat, thanks to AI.

    Researchers sought to understand how a student investing minimal effort would perform in a course by offloading work to ChatGPT.

    The evaluated class, Aerospace Control Systems, which was offered in fall 2024, is a required junior-level course for aerospace engineering students. During the term, students submit approximately 115 deliverables, including homework problems, two midterm exams and three programming projects.

    “The course structure emphasizes progressive complexity in both theoretical understanding and practical application,” the research authors wrote in their paper.

    They copied and pasted questions or uploaded screenshots of questions into a free version of the chat bot without additional guidance, mimicking a student who is investing minimal time in their coursework.

    The results: At the end of the term, ChatGPT achieved a B grade (82.2 percent), slightly below the class average of 85 percent. But it didn’t excel at all assignment types.

    On practice problems, the LLM earned a 90.4 percent average (compared to the class average of 91.4 percent), performing the best on multiple-choice questions. ChatGPT received a higher exam average (89.7 percent) compared to the class (84.8 percent), but it faltered much more on the written sections than on the autograded components.

    ChatGPT demonstrated its worst performance in programming projects. While it had sound mathematical reasoning to theoretical questions, the model’s explanation was rigid and template-like, not adapting to the specific nuances of the problem, researchers wrote. It also created inefficient or overly complex solutions to programming, lacking “the optimization and robustness of considerations that characterize high-quality student submissions,” according to the article.

    The findings demonstrate that AI is capable of passing a rigorous undergraduate course, but that LLM systems can only accomplish pattern recognition rather than deep understanding. The results also indicated to researchers that well-designed coursework can evaluate students’ capabilities in engineering.

    So what? Based on their findings, researchers recommend faculty members integrate project work and open-ended design challenges to evaluate students’ understanding and technical capabilities, particularly in synthesizing information and making practical judgements.

    In the same vein, they suggested that faculty should design questions that evaluate human expertise by requiring students to explain their rationale or justify their response, rather than just arrive at the correct answer.

    ChatGPT was also unable to grasp system integration, robustness and optimization over basic implementation, so focusing on these requirements would provide better evaluation metrics.

    Researchers also noted that because ChatGPT is capable of answering practice problems, instruction should focus less on routine technical work and more on higher-level engineering concepts and problem-solving skills. “The challenge ahead lies not in preventing AI use, but in developing educational approaches that leverage these tools while continuing to cultivate genuine engineering expertise,” researchers wrote.

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