The Australian Chamber of Commerce and Industry (ACCI) has urged the government to almost double the skilled migration program annual target for boosting the post-pandemic economic recovery of the country. Ever since Australia closed its borders following the outbreak of the pandemic in March 2020, the industries and businesses in the country have been grappling with severe labour shortage.
Demand to raise Australia migration targets
The demand to increase the skilled migration target was raised by ACCI in its Better Australia strategy released recently, which outlined 10 goals for improving the economic performance of the nation by 2050. It suggested setting migration targets in such a way to address “severe skill shortages and maximise economic outcomes.
Before the onset of the pandemic, the annual immigration target of Australia was around 120000-150000 skilled migrants. ACCI’s leaders are also batting for opening up international borders and quarantine-free travel as soon as possible.
According to the AICC, the governments across Australia must reconsider the long-term benefits of temporary and permanent migration. According to their report, “The skills, abilities and ideas of our migrants will build upon and enhance our human and natural capital.” The report further said, “A sustained focus on younger, more skilled migrants will counter an ageing population and the expected reduction in the tax base and competitiveness.”
The Fitch Ratings has also pointed out that the “shock” to migration can weigh on Australia’s potential GDP growth over medium term. It may lead to Australia’s growth potential falling from 2.9 per cent a year to 2.1 per cent, according to their report.
The Australia government’s advisory body on infrastructure has also urged for boosting migration. Their report has forecast a shortfall of 105000 jobs, which will have to be filled with more migration. However, the Intergenerational Report of Australia government suggests that net overseas migration may reach levels of 235000 people per year by 2024-25.
Reports suggest that Australia government is indeed reconsidering the size of the migration programs. Do you wish to migrate to Australia? Start the procedures now to grab the best opportunities. Connect with CanApprove for more information.