250,000 New Migrants Needed by Australia Each Year
According to a study commissioned by the Migration Council of Australia, 250,000 new migrants are needed by Australia a year to boost its economy by “$1.6 trillion by 2050.”
The report followed the Intergenerational Report (IGR), which the Australian government releases every five years. The IGR showed that migrants are expected to make up a lesser percentage of Australia’s population in the next decades, [the Australian government] assuming that the net overseas migration will remain stable at 215,000 new migrants a year.
The IGR provided a 2055 snapshot of Australia, when the population is at 40 million, almost double than today’s 24 million. The modelling projected the fall of Gross Domestic Product and drop in wage growth.
By contrast, the modelling from the Migration Council of Australia showed that if migration to Australia increased to 250,000 new individuals a year, the new migrants will be contributing approximately $1.6 trillion to the country’s economy by 2050.
Australia is among the top destinations of Filipino migrants. According to the latest 2011 Census, there are currently 171,233 Filipino migrants in Australia. With the limited employment opportunities available in the Philippines, there are thousands more Filipinos hoping to migrate to Australia. One thing’s for sure: Whatever approach the Australian government chooses to take will significantly affect not only the Filipino diaspora in Australia, but also future generations of Filipino migrants.
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