A recent report published by the Migration Council Australia is said to document the “first comprehensive analysis” in nearly a decade of the impact of migration on key economic indicators in Australia.
Using an independent Macro–econometric model to simulate the economic impact of migration by 2050, the report concludes:
- Australia’s projected population by 2050 will be 38 million with migration set to contribute $1,625 billion (1.6 trillion) to Australia’s GDP.
- Moreover, migration will have added by this time:
- 15.7 per cent to our workforce participation rate
- 21.9 per cent to after tax real wages for low skilled workers
- 5.9 per cent in GDP per capita growth
- Overall, by 2050, each individual migrant will on average be contributing approximately 10 per cent more to Australia’s economy than existing residents.
The verdict delivered in the report is that migration will ensure we remain a highly skilled nation and is central to Australia’s future prosperity. Our ability to reap the benefits from our migration program will, however, be dependant on developing immigration policy that continues to “innovate and push boundaries”. As competition for skills continues to increase, finding new ways to attract migrants will then be vital to Australia’s future growth.
In the meantime, a number of employer driven visa programs are already able to be utilised by Australian businesses seeking to take advantage of the benefits that can be obtained from skilled migrants. Corby Wallace is able to assist businesses of all sizes in navigating Australia’s visa processes to deliver effective and manageable solutions. Contact us today to arrange a consultation to discuss your immigration needs.