by Paul Bidmeade
The Migration Council of Australia’s latest report reveals that in 2050, Australians will be better educated, more productive and our economy will be a trillion dollars stronger, thanks to migration.
The Migration Council stated “this report documents the first comprehensive analysis in almost a decade of the impact of migration on our key economic indicators and the verdict is conclusive: migration is central to Australia’s future prosperity.”
According to independent economic modelling completed in 2014–15 by ‘Independent Economics,’ over the next 35 years, migration will led to a 60.4 per cent increase in those with a university education.
Australia’s projected population will be 38 million by 2050 and migration will be contributing $1,625 billion (1.6 trillion) to Australia’s GDP.
Over the next 35 years migration is expected to drive employment growth at the same rate that women’s participation in the workforce did during the 20th century.
With a projected 15.7 per cent increase to Australia’s workforce participation rate, maintaining current migration trends are pivotal to a prosperous future.
The Net Overseas Migration figures have used averages to calculate the number of newly arrived migrants minus the number of newly departed migrants
The results predicted Australia is poised to grow by 37 per cent.
The report states that “human capital and demography are the two main factors that drive change in the labour market and the economy.”
It was summarised that migrants on student visas provide the greatest economic benefit.
The theory is that the younger the population, the higher the human capital.
With 63 per cent of migrant intake within the prime working age group of 25 to 44, the economy is expected to grow by 40 per cent.
In 2050 Australians may be driving flying cars,3D printing may be able to create any object at home and dreams may be able to be recorded.
The possibilities are endless, but one thing is for certain, migration will have a vital role in establishing Australia as a world leader.
“This report demonstrates the critical role that migration will continue to play in Australia’s economic future and wellbeing.”
To read the full report click here