The federal government is considering a rethink of the size and mix of the nation’s migration program amid warnings the living standards of ordinary Australians will fail to keep up with much of the developed world in the wake of the pandemic.
“This will impact upon the economy, and including the ageing and the demographics of our population because we know that migrants tend to be of a younger age than the broader population,” Mr Frydenberg said. Any changes could be couched as returning immigration numbers to their pre-COVID level or targeting more skilled migrants. But Australia faces a global fight for migrants with Canada announcing plans to take 1.2 million migrants over the next three years to help it deal with labour shortages.
“The migration shock has been rapid and we think it will take years for pre-pandemic patterns to resume. This will have huge consequences on the economy, knocking near-term potential growth and building underlying wage and inflation pressure,” the agency said. Shadow treasurer Jim Chalmers, also speaking at the event, said the policy directions that Labor will propose ahead of the election “are not identical” to ACCI’s proposals.
It found Australia, which has relied heavily on immigration over the two decades, would experience a step-down in living standard improvements over the next decade. Of the 38 rich nations examined by the OECD, Australia’s potential GDP per person would be eclipsed by 27 countries including New Zealand, the United States, Greece and Belgium.
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