Prime Minister Scott Morrison’s government helped contain the pandemic by essentially shutting out foreigners since March 2019. Exceptions exist for family members of citizens, including this column’s writer and editor, and essential workers such as doctors.
The number of people in the country declined by 4,200 in the three months through September, as the net birth rate also slowed, and the 315,200 overseas migrant departures in the year to June was the highest estimate on record. The Treasury’s budget anticipates that there will be about 93,000 net emigrants for the 2020-21 and 2021-22 fiscal years, after welcoming some 400,000 net immigrants in the previous two.
The impact of a two-year stretch without new residents from abroad would extend far beyond just the retail sector. Australia’s suffering universities are bracing for the possibility that their large numbers of Chinese enrollees will dwindle for an extended period because of intense geopolitical strains. Foreign students generated A$10 billion of fees in 2019 and contributed even more to the economy in living expenses.
Breakingviews jgfarb Unsustainable economic growth is a failed target. Better to look at median earning, CO2 emissions, social security as metrics.