High Immigration levels boosted Australian economy: Reserve Bank Governor

High Immigration levels boosted Australian economy Reserve Bank Governor

High Immigration levels of Australia have boosted the economy of the nation said Philip Lowe the Governor of Reserve Bank of Australia. It has helped in curbing the rate of aging population. Higher than average growth in the recent years have been made possible due to high levels of immigration he added.

Higher fertility and better prospects for growth have been made possible by high levels of immigration elaborated the Governor. Australia has one of the youngest populations amongst the advanced economies he added. Large numbers of young people have immigrated to Australia in the last 10 years. This has transformed the Australian demographic profile in a positive manner, said Lowe, as quoted by the Guardian.

Philip Lowe said that the population of Australia was expected to age quickly in 2002. The median age was estimated to rise crucially to 45 plus by 2040. But thanks to the immigration of young people in the last 10 years this has not been so, he added.

The latest projection is that the median age in 2040 will be around 40 years, said Lowe. It is a huge change in a comparatively shorter time period. It reminds us that the trends for demography are not set in stone, he added.

On an average, in recent years the new immigrants to Australia had been younger than the resident population, said Lowe. Their median age was between 25 – 20 years, 10 years plus younger than the resident population he added.

More than 80% of net overseas immigration has been accounted for by people under 35 years in the last 5 years said, Lowe.

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