A recently released report Migration Makes Australia Stronger by the Business Council of Australia has received a warm welcome from the business community.
In September the Albanese government raised Australia’s permanent migration intake by 35,000 places and the opposition has accused it of instituting a big Australia policy that was not in the country’s best interests.
According to the report Australia’s population is below the pre-pandemic forecast by 375,000 people and expected to remain short of pre-pandemic projections for some time.
The report also states that migration is being used a scapegoat for poor planning and the failure to deliver housing.
If the nation intends to continue to be competitive in attracting global talent, the migration system needs to be reformed. Australia is competing against other countries for the best and brightest; and slow or complex migration systems, which do not provide appropriate levels of certainty for someone looking to uproot their lives to move internationally, puts the nation at a disadvantage.
According to the OECD Australia does not rank first in any category, and in some categories does not even rank in the top 10.
Migration is an essential element in the success of Australia. In an economic sense, young skilled migrants help manage an otherwise ageing population, fill critical skills and labour shortages, and bring new ideas and international connections to help power the economy.
For every 1,000 migrants, there is a $124 million economic dividend each year to Australia as well as $38 million more in tax revenue and $59 million in increased investment. But migration delivers more than just economic benefits, it also enriches our diversity and helps us become a more outward looking nation.
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