Australia has one of the biggest multi-culture crowd in the country. This country hosts a huge number of foreign travelers every year. As time passes, some of them decide to stay back in Australia. Others apply for Australian Citizenship. Australia is keen to see the economic success of the Australian population of immigrants. As expected, the immigrants are contributing a lot to the Australian economy.
Another important aspect of immigration is skilled immigration. Immigration of skilled labor adds to the working force of Australia. And in turn, this helps to increase the national GDP. Their contribution to the national income is increasing day by day. There are 7.3 million immigrants in the territory of Australia currently.
Immigrants’ contribution in various sectors-
Immigrants are contributing to all major sectors of the Australian economy. Be it education, healthcare or business, immigrants are doing great in every field. Not only these but immigrants are also a part of Australia’s defense forces. Below is a brief discussion on how immigrants are performing. Their performance is significant in various sectors of the Australian economy.
- Small and medium scale businesses-
A large part of the immigrants is in the entrepreneurship sector. People find Australia a budding market. People either start working for corporate or establish their own business. A survey shows that the immigrants are going to add around 2 lakh more jobs to the economy. That too within the next 10 years. Globalization is the key facilitator of this. In Australia, currently, one-third of the businesses are under immigrants.
A survey conducted by a group of researchers gave out significant results. It says if Australia stops immigration, Australia will not have enough workforce by 2020. This survey shows how important is the migration of skilled workforce. About 8-million workers migrated to Australia since world war-1. And they are the blood of Australia now. They help to run the big economy.
- Healthcare professionals-
As of now, more than 50% of healthcare professionals in Australia are from abroad. More than 50% is a big chunk. These professionals are from South Asia, the Philippines, Indonesia, and other states. It is easy to imagine their contribution to the national income of Australia. This also helps the government in the allocation of national income. Since most of the practitioners are from abroad, the government doesn’t need to spend much on medical education. This saves the government a huge amount.
Australia is a small state with a robust economy. More and more companies want to establish themselves in Australia. But this depends on the consumer market they get. Migrants not only increase consumption but also take part in the workforce. They are a big chunk of consumers in the Australian economy. Without them, the demand cannot meet the supply. Immigration is a long term goal for Australia.
Another reason for the Australian immigration policy is to deploy the workforce in defense. A large chunk of immigrants joins defense every year. The young immigrants are excellent candidates for defense forces. They join defense forces, border forces, state police, etc. Getting an Australian Citizenship is important for this. One should get citizenship before applying for higher positions in this hierarchy.
Dependence of Australia on immigration
Since world-war time, Australia has been largely dependent on immigration. From then on, Australia has long term planning for immigration. They make their national policies accordingly. As noted earlier, a major part of the workforce of Australia is of immigrants.
According to the MCA report, the workforce population of immigrants would move up to a 16% rise. And this workforce would be contributing $1.6 trillion to the Australian economy. Hence, there is an entire system behind this multi-culture economy.
Australia thereby has one of the highest numbers of immigrants in the world. This long term strategy by the government is changing Australia’s fortune. Also, a major aspect of immigration is the contribution of immigrants. Immigrants’ contribution sets off the expenses incurred on them. This bridge is helping Australia to prosper.
Contribution to GDP (Gross Domestic Product)
Gross domestic product is the price of all goods and services produced by the economy in a year. It is an estimate that by 2050, immigrants will contribute $1.6 trillion to the GDP. Every year, migrants add a big 1% to the Australian GDP. And this percentage is going to increase in a couple of years. Its GDP is increasing due to the immigration of skilled labor. Hence, the immigration policy of Australia is designed accordingly.
Migrants have increased the employment rate to a big 35% in the Australian economy. Not only that, the tax revenue that Australian governments receive from them is also huge. Giving up on immigration is a very bad idea for Australia.
Recently a policy of cutting down on immigration was on the table. It was heavily criticized by economists. This is because the Australian economy is very much dependent on them. They had to drop the idea.
Through the above discussion, it is evident that the Australian economy depends on immigration. This immigration has also helped in promoting Australian education and businesses worldwide. This cross-culture encourages overseas students to come and study in Australia.
Apart from that, diversity is also lucrative for big multinational corporations. Australia facilitates all this. Its policies are made while considering this cross-culture. Australia continues to promote immigration. They are further planning to channelize this force in various sectors of the economy. Hence, Australia is a great place for refugees and other migrants.
It is easy for them to settle in Australia and start a new life. They get help from the local government to settle down. With all this in mind, it is evident that Australia is going to grow as a multi-culture economy in the coming years. And hence the contribution of immigrants would continue to grow. It would be seen in the GDP of Australia in the coming years.