Australian wealth to grow @ 1% of GDP due to migrants

Australian wealth to grow

Australian wealth will be enhanced by 1% of GDP due to immigrants according to the latest report of the Government of Australia. This has been published jointly by the Home Affairs Department and Treasury. This report has nullified concerns regarding the call for immigration cuts.

Immigration is beneficial for the Australian wealth, shows the report, as quoted by the Guardian. It cites estimates from the International Monetary Fund in support of this. The report elaborates that immigration programs of Australia will add 1% to yearly standard growth of GDP during 2020 to 2050. The reason is that it focuses on skilled immigrants of working age. This curbs the fiscal impact of the aging population of Australia, adds the report.

The report has been published even as there is a heated debate within the Government of Australia. This is regarding the reduction of immigration intake from the current annual cap of 190,000.

On the other hand, Scott Morrison the Treasurer of Australia has repeatedly warned against a reduction in immigration for reasons such as stagnant wages or unemployment. He has stressed that the immigration program of Australia is crucially in favor of skilled immigrants. It is thus beneficial to the economy, adds Morrison.

Malcolm Turnbull and Scott Morrison have clarified that they would like that immigration intakes remain same in the long term. The report by the DHA and Treasury said that migration enhanced per person GDP as the focus on skilled immigrants assists to enhance Australian productivity.

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Anshul Singhal

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