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Migration to add 1.6 trln AUD to Australian GDP by 2050: report

Xinhua, March 5, 2015 Adjust font size:

A new report from the Migration Council Australia released Thursday estimates that migration to Australia will add 1.6 trillion AU dollars (1.24 trillion U.S. dollars) to Australia's gross domestic product (GDP).

This is the first comprehensive analysis of the economic impact of migration to Australia and the verdict is conclusive.

Based on Australia's current migration policy settings, Australia's projected population will be 38 million by 2050. Without migration, this number would stagnate at 24 million.

Migration will raise GDP per capita by 5.9 percent and will increase labor force participation by 15 percent, said the report.

Migration will ensure Australia remains a highly skilled nation, as it will have led to a 60.4 percent increase in the population with a university education.

Carla Wilshire, the CEO of the Migration Council Australia said, "the economic benefits of migration are unambiguous."

"For too long, the economic impact of migration has been undervalued," she said.

"On average, migrants are younger, more highly educated and have higher labor force participation rates. They contribute more in government revenue and draw down less per capita in services."

"If we are serious about addressing our fiscal deficit and our aging population, then a healthy migration program is critical."

She said migration will play an increasingly important role over the next 35 years, helping to mitigate the worst effects of an aging population and ensuring Australia remains a highly skilled nation.

"Migration is one of our greatest economic assets. It will be the unsung hero of Australia's future." Endi