No, it includes tuition fees and housing expenses, but also the kind of spending generated by the presence of foreign students at our institutions, housing and private businesses.
Since we estimate the impact at $300 million for 2018-2019, we may assume that it's a bit higher than that since minor growth has been observed in more recent years.
That has a significant impact, not just an economic impact that can be quantified, but also the kind of impact that's made by international students who occupy positions in rural and remote regions that wouldn't otherwise be occupied. We may therefore conclude that some small and medium-sized businesses, or SMEs, wouldn't be able to operate without the presence of foreign students on campuses.