Australia is the world’s first immigration economy
By , Editor
Updated July 25 2023
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Since the global economic crisis in 2008-09, the USA has attributed 9 years of solid growth in its economy. If the trend continues for one more year, it would unseat the economic boom the US saw in the 1990s.
If you think that’s impressive, then you need to consider Australia. It is the only developed country that seems to be completely recession-proof. Australia saw its last recession 27 years ago. Since then it has had 108 consecutive quarters of uninterrupted growth. No other developed economy in the world comes even close.
Australia’s population has grown by an exceptionally high 45% since 1991. And, this is not because of Australia’s fertility rate. Majority of the population growth of the country comes from immigration. The economic miracle of Australia is also due to its immigrants.
50 years of immigration has given Australia the largest foreign-born population in the world. As of 2016, 28% of Australia’s population was not born in the country. This number is slated to reach 30% by the end of 2020. Immigration adds almost 1% to the Australian population every year.
More people mean more demand for almost everything. Massive immigration numbers have led to a housing boom in Australia, as per Foreign Policy.
Australia admits immigrants on the basis of their qualification and skills. Two-thirds of the immigrants are admitted using a points system which awards points on various parameters like age, education, work experience, and language proficiency. Hence, most of the immigrants are working-age adults in the productive phase of their life.
The presence of such migrants gives the Australian economy a boost and saves the Govt. a lot of money. Healthy, young, tax-paying individuals, requiring little or no medical attention, help support the national health scheme-Medicare.International students in Australia made up almost two-thirds of all the tuition revenue in 2017.
Australia is hence, the world’s first immigration economy as immigrants not just boost its economy but also help sustain it.
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If you are looking to Visit, Study, Work, Invest or Migrate to Australia, talk to Y-Axis, the World’s No.1 Immigration & Visa Consultant.
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