Migrants to Boost Australian GDP by $1.6 Trillion

Australia economy

Migrants to Boost Australian GDP by $1.6 Trillion

Migrants are predicted to contribute $1.6 trillion and add almost 16% to Australia’s workforce participation rates by 2050, according to the Migration Council of Australia.

Moreover, migrants are also set to add almost 22% to after-tax wages for low skilled workers during the same period.

Elsewhere, 75% of locally-born Australians believe that migrants have helped the country.

Furthermore, 72% believe that migrants are an integral part of the economic, cultural, and social strength of Australia.

These findings are according to a research commissioned by TransferWise. The research was conducted in a bid to highlight the positive impacts migrants have on Australia.

The research also finds that younger Australians are more welcoming to migrants than their older counterparts.

While more than half of those born in Australia think it is too easy for migrants to arrive in Australia, 44% of the millennial population believe that migration should be made easier for foreigners.

These thoughts were reflected in the words of Nicolas Lembo, Australian Country Manager at TransferWise.

He hailed Australia as ‘a nation of migrants’, and added “We believe being Australian is more about recognising where and who we are now and where we hope to go, as much as where we’ve come from”.

The research has been greeted with enthusiasm for putting a spotlight on the contributions of migrants on Australia.