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HSBC estimated that the average annual cost of studying in Australia was $38,516 (?24,936) compared with $35,705 in the US and $30,325 in the UK.

Australia has similar tuition fees to the US, at around $25,000, but living costs are higher.

In dramatic contrast, overseas students pay just $635 in tuition and less than $6,000 in living costs in Germany, making it the least expensive place to study out of 13 countries surveyed.

Annual costs were all below $10,000 in Russia, Taiwan, China and Spain.

Malik Sarwar, HSBC¡¯s global head of wealth development, said: ¡°With rising affluence, particularly in developing markets, and an increasingly competitive workplace that demands quality skills and a global outlook, we expect appetite for international education to continue to grow.

¡°Even though the market for higher education remains segmented and therefore mis-priced at an international level, the cost is going up everywhere as government subsidies are rolled back,¡± he added.

The fees data is based on the 10 largest universities in each country, while living costs are taken from Global Higher Education Rankings 2010: Affordability and Accessibility in Comparative Perspective, a report by Higher Education Strategy Associates, and HBSC research.

david.matthews@tsleducation.com