Shocking figures show pandemic will reduce Australia’s population by 1.5 MILLION over the next decade – but good news on unemployment is on the way
- Australia’s population growth drops with 1.5 million fewer people in 10 years
- Unemployment will remain below 5% for the second time in 50 years
- Treasurer Josh Frydenberg attributed success to returning skilled migrants
Australia’s population growth will be much lower than expected with 1.5 million fewer people expected to live in the country in 10 years.
The mid-year economic and fiscal outlook warned that the Covid-19 pandemic was behind the overall population decline.
Despite the gloomy forecast, employment is expected to remain strong and the number of people out of work is expected to remain below five percent next year.
This will only be the second time in 50 years that the unemployment figures have reached such a low rate.
Australia’s population growth will be much lower than expected with 1.5 million fewer people expected to live in the country in 10 years
Despite gloomy forecasts, employment is expected to remain strong and the number of people out of work is expected to remain below 5% next year
Treasurer Josh Frydenberg attributed this achievement to the slow return of skilled migrants to the country.
“With some of the highest vaccination rates in the world, our international borders are opening about six months earlier than budgeted, causing a sharp turnaround in migration flows,” he told The Australian.
“MYEFO will show that we expect an additional 120,000 migrants over the next two years compared to budget, which will support stronger economic activity and give a welcome boost to our economic recovery.”
Overseas migration balance decreased by 100,000 between 2020 and 2021.
The budget projects that net migration will be only 96,000 between 2022 and 2023. This figure has since been almost doubled to 180,000.
“We have been very successful in managing our population as we have taken in refugees, focusing on family reunification and skilled labor needs,” said Frydenberg.
“One of Australia’s great strengths is its multiculturalism, its diversity, and that has been brought about by immigration.”
Low- and middle-income workers could benefit from potential tax cuts of up to $ 1,000.
Low- and middle-income workers could benefit from potential tax cuts of up to $ 1,000
“We are used to cutting taxes,” Frydenberg said. “This is what we have done on every occasion. ”
“Next year’s budget is about locking in the recovery and building for the future.
“We are very focused on fiscal discipline and we have done what we needed to do in the height of the pandemic, but now we have ended these emergency support payments and we want to bring fiscal policy back to normal parameters. . ”
The federal government will release its federal budget update next Thursday.
Business investment will rise 16 percent over the next two years, up from the 12 percent forecast in May.
“The investment surge stems from the unprecedented tax incentives provided by the Morrison government to create more jobs and secure economic recovery,” said Frydenberg.