According to the latest report, Australia requires around 2,50,000 migrants yearly for boosting the country’s economy in the coming five years.
In its current forecast report, according to Government of Australia, it is expected that the number individuals moving from abroad to work and reside would stay at 2,15,000 each year.
But the latest report from the Australian Migration Council said that it is not enough and minimizing the numbers will be serious mistake, and also said that the migrant’s contribution to the economy is underestimated since many years.
The report also includes the initial comprehensive analysis in almost a decade of affect of migration on the important economic indicators of Australia and it concludes by saying that the migration is the main issue for the future prosperity of Australia.
The report also explained that the estimated population of Australia would be around 38 million by the year 2050, and the migration would contribute around 1,625 billion AUD to the GDP of Australia. Further more, every migrant would be contributing 10% more to the economy of Australia than the residents.
The report also says that the economic affect of migration passes through in each aspect of the economy. It is having a deep positive affect not only on increase of population but also on the participation of labor and employment, on incomes and wages, on skills base and on the net productivity.
The increase in population would add the economic benefits. It also pointed out that by the year 2050, the percentage growth in the job of 45.1% exceeds the population growth of 37%. Migration would make sure that Australia stays a high skilled country, as it would have led to increase of 60.4% in the population with university education.
The report also argues that the migration offers savings across the population in expenditures on transfer payments, education and network infrastructure of the government. Migrants who visit Australia on a student visa would pay full amount of as their education fees and that provides a saving to the budget of the government when compared to subsidized places provided to the born residents of Australia.
The report also indicates that fostering the entrepreneurship, creating additional effective skill transfer options and generating regional links could be assisted by the migration.