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Australia needs 250,000 new migrants a year

The study essentially warns Australian Migration of the dangers in further limiting emigration opportunities for migrants.

Australia Needs 250 000 New Migrants A Year

The report revealed that Australia needs 250,000 migrants a year to boost the economy by $1.6 trillion by 2050.

The report further found that the Australian workforce will be living longer over the next 40 years but must be prepared to work longer to meet their retirement needs.

The migration report comes on the back of the Australian government’s of their five-yearly Intergenerational Report (IGR) which shows that migrants are expected to make up a smaller percentage of the population in coming decades.

The IGR provides a snapshot of Australia in 2055, when their population is tipped to almost double from 24 million today, to 40 million. The modelling shows Australia’s Gross Domestic Product will fall and wage growth will slow.

The Australian government assumes net overseas migration will remain stable at 215,000 people per year, down from a peak of 300,000 in 2008-9.

Currently, net overseas migration (new migrants arriving, minus Australians leaving per year) makes up 1 per cent of the national population, but that is expected to decrease to 0.5 per cent by 2055 under the IGR modelling.

But Australian Treasurer Joe Hockey said multiculturalism would not diminish.
“It won't change the face of Australia because we are a diverse population," he said in a news conference.

The Intergenerational Report proposes skilled migration that is well targeted and appropriately adjusted to the country’s economic circumstances.

But the alternate modelling from the Migration Council of Australia shows if annual migration was increased to 250,000 people, the economy would be boosted by $1.6 billion – a rise of $1,125 per person in Gross National Income.

The treasurer said there were pros and cons to be considered.

“If you did that then you'd need to build more infrastructure to cope and that means government spending more money so that's a good debate to have and we welcome the debate," he said.
Source AFF

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