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Australia needs at least 2,50,000 migrants per year to Enhance the Economy and Growth Rate

Posted - 23, Jan 2016

As per the latest migration report shared by the Australian Migration Council, Australia need at least 2,50,000 migrants every year to enhance the economy and the rate of development and growth in the country.  The current migration rate is not satisfactory as per the council report. The latest migration report suggests that the migration is likely to remain somewhere close to 2,15,000 per year as per the existing migration rate in the country.

Australian Migration Council has cautioned the government about reduction of Migration rate

The Migration Council of Australia has cautioned the government that any fall in the required migration population would have serious consequences, in terms of economic growth and development of the country. In order to develop the economy of the country by $1.6 trillion till 2050, Australia would require at least 250,000 new migrants per year.

Migrants will be key contributors to the economy in the coming years

As per the report of Australian Migration Council, the migration will be the key factor to raise the work force and subsequently, the GDP of Australia. The migrants in the country being highly qualified, relatively young, and talented contribute more to economy and government assets. As of now the net migration in Australia is about 1% of the total population, however, it is likely to fall to remain just over halve to 0.5% by 2054-2055.

With the latest government modeling, the migrants are likely to make a very low percentage of total population in Australia in the coming years. The report further says that the Australia’s population would around 38 million by 2050 and the contribution of each migrant would be 10% more to economy as compared to the Australian resident.

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