Immigration is really fundamental to Australia.
According to research prepared by BIS Oxford Economics over the past 20 years migrants made a significant contribution to Australian Population growth, Participation rate and Productivity increases.
Skilled migrants are the largest component of permanent arrivals. They are typically relatively young (under 40), highly skilled workers earning above average salaries, paying above average income tax and requiring below average levels of government support.
Skilled permanent residents have an employment participation rate of 92%, compared with 66% for the overall Australian working-age population.
Over the period of 20 years new migrants were responsible for at least 20% of the increase in the economy’s productive capacity.
During the 20 years Net overseas migration was the main driver for Australia’s population increase. It’s accounted for 57% annual population growth.
The loss of migrants over the COVID-19 pandemic is a key reason for the structural gap between expenditure and revenue now present in government finances. The loss of migrants as a result of COVID-19 is the main component of a projected loss of 1.1 million people in Australian population over the next decade, relative to pre-COVID projections. This will result in a smaller workforce. This, in turn, slows economic growth.
There will be entire sections of Australian economy that won’t do very well, such as education, tourism and hospitality. Employers are already warning of shortages of workers ranging from software programmers to veterinarians and chefs.
According to a federal budget, Net overseas migration was likely to fall from 154,000 people in 2019-20 to about 72,000 people in 2020–21.By the end of 2023-24 financial year, net overseas migration is still not expected to return to pre-COVID-19 levels.
In the next financial year the Government will maintain Migration Program ceiling at 160,000 places including 79,600 Skill and 77,300 Family stream places.
Priority will be given to highly skilled migrants working in a critical sectors, Business Innovation and Investor Program and Global Talent visa.
To deal with relevant visa applications please contact a Registered Migration Agent