A report has been released by the Treasury and the Department of Home Affairs that says that migration is making Australians wealthier. The report observes that skilled migrants are delivering an economic dividend to the country. They lift the standards of living by 0.1 per cent of GDP per capita, increase productivity by 10 per cent and raise the workforce participation rate. The report also points out that migrant contribution saved Australia from the full impact of the global financial crisis.
The major findings of the report, which is part of an internal study by Home Affairs secretary Mike Pezzullo and Treasury secretary John Fraser, are:
-The current migration program is expected to add between 0.5 and 1 percentage point to annual average GDP growth between 2020 and 2050. This will happen because the migrants will limit the economic impact of the ageing population.
-Immigration has not harmed the wages, hours and employment rate of non-migrant Australians. On the contrary, immigration has helped to improve budget bottomline.
-It is the temporary migration for education and tourism, rather than the permanent program that has been driving population growth in recent times.
-Migration has caused 54 per cent rise in Australia’s population in the past two decades. But it still remains lower that the population in the 1960s and 70s.
The report comes out at a time when heated debates are taking place on whether to cut down immigration levels. The report proves two arguments wrong–that the immigrants are stealing jobs from Australians and they are a burden to the country’s economy.