Christopher Pyne exaggerates Labor's international student 'failure'

The new federal Education Minister, Christopher Pyne, has accused Labor governments of shrinking the international student market. In a with The Australian Financial Review, Mr Pyne said that since Labor started changing the rules for international students in 2008, “they’ve managed to shrink the industry by about a quarter, which is a pretty dramatic failure given that the economy’s been growing in that period”.
He said when Labor took office in December 2007, education was Australia’s second highest source of foreign income, or fourth highest if mining was broken down into iron ore, coal and gold.
ABC Fact Check asked Mr Pyne for the basis for his comment.