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Immigration is a Clear Enhancement For The Australian Economy Treasury Department

Fri, May 04 2018
Immigration is a Clear Enhancement For The Australian Economy Treasury Department

A recent report released by the Treasury and the Department of Home Affairs has found out that migrants provide an overall net boost to the Australian economy. The study suggests that the annual intake of migrants is making Australia wealthy which has added up to one percentage point to GDP growth each year, for thirty years. The report also found that migrants make up to combined lifetime tax contribution of almost $7 billion.

The study’s publication follows an intense thwart in media study concerning Australia’s immigration programs after an investigation published in The Australian showed that the annual permanent intake for this year will be cut down by more than 20,000.

The decline is largely being accreditedto the knock-on effect of strict inspecting rules that have been introduced by The Department of Home Affairs over the last three years.

The study was commissioned last year as a part of internal study by the secretary for Home Affairs, Mike Pezzullo, and Treasury Secretary, John Fraser, and shows that the wages, hours, and employment rate of local Australian’s are not significantly affected by immigration.

The report traced the history and population growth over the last 50 years, the report found that migrants provide an economic dividend, along with lifting living standards by 0.1 of GDP per capita and increasing overall productivity by 10 percent. The currently running skilled migration program is also expected to add between 0.5 and 1 percentage point to the annual average GDP growth rate between 2020 and 2050, by reducing the effect of the ageing population of Australia.

Migration contributions was one of the key factors that helped in protecting Australia from the full effects of a recession following the inception of the global financial crisis.

“Migrants deliver an economic dividend for Australia due to current policy settings which favor migrants of working age who have skills to contribute to the economy.” The report said.

This results in higher rates of workforce participation and likely productivity benefits. Thus, further leading to the increase in Australia’s GDP and GDP per person, with positive flow-on effects for living standards.

Skilled migrants who were granted visa in 2014-2015 are likely to represent a lifetime net contribution of $6.9 billion to the budget, while family visa who were also granted permanent visa during that period are expected to constitute up $1.6 billion in taxes.

The report said that the immigration is not the real culprit of driving population growth, instead temporary migration-either for education or tourism are the real factors behind recent demographic changes.

The migration agents in Australia applauded the report’s publication as another piece of clear evidence that Australia’s migrant community is a requisite part of the local economy.

The agent further added, “We believe that government policy should focus on harnessing these benefits—especially in view of our aging population and significant brain drain—while at the same time ensuring the integrity of the migration programme.”

The treasurer, Scott Morrison, issued the statement along the publication of the report saying, “The analysis conducted by Treasury and the Department of Home Affairs provides a clear evidence base for the government’s migration policy settings supporting our national interest.”

 

“The Turnbull government’s migration program retains the flexibility of a maximum cap on permanent migration, focused on skills, and is underpinned by our strong and successful border controls and strict enforcement of our visa rules to maintain integrity.”

“The key difference between the Turnbull government and its Labor predecessors is that the Labor government ran a tick-and-flick program on permanent migration.”

“Under previous governments, the 190,000 intake under the permanent program for skills and family visas was a target that had to be met. In the 2016-17 budget, the Turnbull government officially changed this requirement to be a maximum cap under the program, creating the necessary flexibility,” Morrison said.

Also Read- Australia will have High Job Demand over the next five years

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