Australia economy: High migration = High per capita income

Australia economy: High migration = High per capita income

The high rate of immigration has resulted in high per capita for Australia economy according to Glenn Withers one amongst the most prominent economists in this area. He has elaborated this in a highly sophisticated economic model that has several variables in it. The economist has said that the immigration program of Australia has resulted in big per capita gains for the nation.

Glenn Withers further elaborated that 3 OECD nations have the highest percentage of overseas-born nationals. These are Australia, Switzerland, and Luxembourg. These 3 nations are also amongst the 3 highest per capita income countries globally.

Canada is also very close to them in this aspect, added the Australian economist. By any believable measure, the immigration program is a huge success for the Australia economy. Its economic advantages are obtained by all nationals of Australia, explained Withers.

The renowned Australian economist pointed out that it is further useful to apply techniques of modeling to Australian past. This will further highlight the powerful economic gains from immigration, as quoted by the Australian. Immigration also slows down the aging of society much further than suggested by most of the economic models, said Withers.

The delaying of an aging society is a huge advantage, said the economist. These results in saving billions and billions of dollars as a smaller % of the population are in the dependency of old age. The other economic models also do not quantify the monetary resources brought by the immigrants. The most volatile and set financial gains of possessing several skilled and innovative people living together are also not measured by these models, added Withers.

Australian Industry Group Innes Willox said that an adequately planned metropolitan growing into 8 or 9 million people results in huge economic prospects. The businesses, supply chains, skill bases, customer bases all are magnified, he added.

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Anshul Singhal

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