Australia has avoided recession thanks to the Mass Immigration to the nation and it has less choice if it intends to go ahead with its expansion of the economy. Thus Australia has stood firm amidst calls to curb the immigration numbers even as the US and Europe give in to populism.
The economic growth of Australia has a huge stake of the flood of immigrant arrivals that expanded the nation’s population by 50% in the last thirty years. The high levels of immigration facilitated successive governments to take pride in keeping recession away since 1991.
Australia has one of the fastest growing populations globally amongst the developed nations, as quoted by the Bloomberg. Curbing immigration will upset its economic growth that is already slowing lesser than its average for 10 years.
Royal Bank of Canada Economic and Fixed-income Strategy Australia Head Su-Lin Ong said that the immigration policy of Australia has given it an edge over other developed nations. This has assisted in creating employment, consumption, and demand he added. Politicians must explain rationally to the voters regarding the benefits of immigration. They must not get carried away by populist views, said Su-Lin Ong.
Australia welcomed around 184, 000 new immigrants for the fiscal year 2017. Philip Lowe the Chief of Reserve Bank of Australia said that the economic data has been flattered by the growth of population. A deeper analysis of the unhindered GDP record for the past 3 years reveals a comparatively bleak scenario. On the basis of per person GDP, the growth of output in the economy was nil at the end of 2017. It was also the feeblest since Q3 -2016.
Commonwealth Bank of Australia Chief Economist Gareth Aird said that expanding population will leave less room for Australia witnessing recession.
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