Here are the four key takeaways from the report.
Immigrants contribute more than they consume
Immigrants help increase the country’s overall gross domestic product, but they also are responsible for increasing the per capita G.D.P.
That is to say, immigrants have a net positive impact on the Australian economy because they typically contribute more in tax revenue than the amount they consume in government services.
Younger migrants mean younger workers
Seventy percent of migrants to Australia are skilled and of working age, a crucial antidote to the country’s aging population.
“By slowing the aging of the population, migration allows the economy and society time to adjust,” the report said.
Moreover, the document explains, higher levels of migration are also associated with less spending per person on social services like health care and education.
Immigrants do not depress wages
Mr. Abbott said early this year that limiting immigration was necessary because of the country’s “stagnant wages.”
The report, however, found that neither wages nor the unemployment rate was affected by migration.
“This is likely explained by the fact that migrants are generally seen as complements to the Australian-born labor force,” the document said.
Migrants helped Australia avoid the 2008 financial crisis
Australia has had 26 consecutive years of economic growth, and avoided the financial crisis that rattled so many of the world’s economies in 2008.
“There is considerable evidence pointing to the role of migrants in sustaining or fostering strong economic growth over the longer term,” the report said.
“This suggests that migration helped the economy successfully weather the Global Financial Crisis and the slow global growth and poor economic conditions that followed.”
Source : Nytimes
