Covid-19 has put immigration to Australia on hold and some experts are already warning that this could have significant consequences for Australia’s economic recovery.
Australia’s immigration program has played an important role during the past few decades in delivering essentially uninterrupted economic growth. Due to border closures at the beginning of this year, the total number of migrants has and is still dramatically falling. For instance, since the introduction of tough Covid-19 restrictions, Australia has lost about 300,000 temporary migrants who have gone back to their home countries.
Furthermore, according to Treasury, net overseas migration (NOM) is forecast to fall by about 85 per cent in 2020-21 representing a 50 billion hit to our national income. The CommSec projections also suggest a reduction in migration of around 240,000 over the next 12 months. The impact of corona virus is real and quite significant.
However, there is still a glimpse of hope that Morrison government could ‘reset’ the migration program in the October budget, which could involve new measures and possibly new visas into the mix of skilled and business migration as it tries to restart the economy.
The fact is, that Australia will be heavily relying on migrants to rebuild the economy once the pandemic is over. Migrants are workers, taxpayers, consumers and big players in the housing market. Business migration, investment and creation of employment and economic benefits should be heavily promoted as well as reasonably safe destination given how well we have dealt with the virus.
Silburn Migration will continue to update everyone as information and news becomes available about Australian Immigration program.