The government officials in New South Wales are trying to pass legislation to allow two million immigrants in the country over the next five years.
The country needs to find a solution to the lost population growth since the global pandemic. Australia’s potential growth rate over the next several years is based on population, participation, and productivity. It is thought that if you increase the trend rate of growth in one of the three factors you will increase the potential growth rate of the economy.
If productivity is low and you can’t increase participation, you can still have growth with an increase in the rate of growth of the population. It is called a “supply-side” view of the world. If you are considering relocating to Australia and have questions about the immigration process, contact Australia Immigration Agency. Their team will answer you questions and give you additional information
Australia has always depended on immigration for growth, but since the mid-2000s overseas migration has increased. Between 2000 and 2019, the country had the fastest population increases among large developed markets. For the past decade, population increase has been the main source of growth for the economy from a supply-side perspective.
Prior to the mid-2000s Australia depended on productivity performance, but it has been on a steady decline. Australia’s growth now depends on the increase of the working-age population and the number of people employed, since productivity has decreased over the last ten years. Contact Australia Immigration Agency and get your questions about the various visas to live and work in Australia answered.