Australia In Need Of More Foreign Workers To Give Economy A Fillip

10 Mar 2015

As per a new report related to analysis, by 2050, Australia should welcome additional migrants up to 250,000 in a year. Such an action would add 1.6 trillion dollars to the country’s economy as each immigrant would be adding around 10% extra to the economy of Australia than existing people.

This analysis report talks about how migration will have a deeply positive effect not only on the rise in population but also on labor employment and participation, on skills base at the national level, on salaries and incomes and on net output.

The report is the first of its kind in almost a decade and is related to the influence of migration on vital economic indices. The resultant verdict is conclusive of the fact that more of migration will result in greater prosperity for Australia’s economy. It is slated that by 2050, the estimated population of the country would be. Migration alone would contribute to 1,625 billion dollars (1.6 trillion) to Australia’s GDP. Also, the country’s workforce will get a boost of 15.7 percent.

However, the absence of such a key migration scheme will result in a 24 million population by 2050 and the economy would be less resilient. Migration will have a deep impact on employment. As migrants are mostly related to the working age group and are highly educated too. Migration would ensure that Australia is a highly skilled country.

Those migrants, who come here on a student visa, bear the full cost of their education. Migrants proffer an excellent boost to the Australian economy in comparison with the natives. Additionally, migration lowers personal income tax rates.  This analysis report highlights the future of Australia in terms of wellbeing and economy. A dynamic skilled migration policy will ensure an ability to respond to changing scenarios in the world while lessening the bad effects of economic disparity on job seekers in Australia.

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