The increase in level of immigration has surely boosted the Australian economy as said by Philip Lowe, the governor of Reserve Bank of Australia. He further added that the increasing immigration has curbed the aging population as the high average growth in recent years has been seen because of high levels of immigration.
The better prospects for growth has been made possible by high levels of immigration elaborated the Governor. The Australian continent has the youngest population amongst the advanced economies. There has been an increase in the immigration levels of youngsters in the past 10 years. This has transformed the Australian demographic profile in a positive manner, as quoted by the Guardian.
The governor also added that the population of Australia was expected to age quickly in 2002. The median age was estimated to rise crucially to 45 plus by 2040. But all thanks to the immigration of young people that has widened the expected estimate.
The last projection is that the median age in 2040 will be around 40 years, said Lowe. This is a huge change in comparatively shorter time period.
In recent years, the new immigrants to Australia had been younger than the resident population. The median age was between 25-20 years, 10 years plus younger than the resident population.
Lowe further added that more than 80% of net overseas immigration has been accounted for by people less than 35 years in the last 5 years.
It seems that Australian government is in mood to invite the skilled workers for better economic development and thus, if you are planning to migrate to Australia then now is the correct time to plan your move.
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