The experts and stakeholders of Australian economy have said that mass migration from India and China is the reason that avoided Australian recession. Even as Europe and the US succumb to increasing populism, Australia is firm amidst demands for curbing immigration.
Australia also has fewer options if it intends to remain on the path of record expansion of the economy. It has to accept mass migration of skilled workers from India and China. This has increased the population of Australia by over 50% in the last 30 years.
The mass migration of skilled workers from India and China is a huge factor behind an unbroken economic period of growth for Australia. This has facilitated the consecutive governments to boast of keeping recession at bay, as quoted by the Economic Times.
On the one hand, populists are blaming migrants for overburdening infrastructure, hike in prices of homes, and meager growth of wages. But the Government of Australia has said that if immigration is reduced to 110,000 migrants annually from the current 190,000 migrants, then the treasury will incur a loss of 3.9 billion $ in 4 years.
Economic and Fixed-income Strategy Australia Head at Royal Bank of Canada Su-Lin Ong has said that migration policy of Australia has given it an advantage over fellow developed nations. This has created consumption, demand and jobs in the nation, added Ong.
Immigration is beneficial and explaining this rationally to the public is the challenge for the politicians. They must not be swayed by the populism views, explained Su-Lin Ong. Australia welcomed around 184, 000 fresh immigrants in the year 2017. Philip Lowe Reserve Bank of Australia CEO said that the growth of population has flattered the economic statistics.
The accentuated growth of population owing to high levels of immigration will facilitate that Australia avoids recession. Two straight quarters of economic decline is defined as recession. This has been avoided by Australia since 1991, said Commonwealth Bank of Australia Chief Economist Gareth Aird.
If you are looking to Study, Work, Visit, Invest or Migrate to Australia, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.