The Chronicle of Higher Education has an important story: Australia has become the destination of choice for fee-paying college students. That’s surprising news given that the United States has traditionally held this spot by a wide margin, and did so up until the last such survey, five years ago.

Why is this important?

Several reasons.

First off, it’s obviously important for American colleges, which often make quite a lot of money off foreign students, especially (and obviously) those who don’t require financial aid.

Second, the United States benefits immensely from the presence of foreign students. Many of them stay here and add their talents to the workforce and culture of the country. The ones who return home bring with them a greater understanding of the United States that promotes better international relations.

And third, this shift is important because it reflects how the rest of the world views the United States. It’s clearly no coincidence that this student exodus has occurred during the presidency of George W. Bush and the war in Iraq. The rest of the world doesn’t like us very much now, and we’re going to pay the consequences of that for many years to come.