In response to recent controversy in the media that immigration should be scaled back to ease house prices, economists for The Australian Financial Review have spoken out about the important role that immigrants play in boosting our economy.
How migrants help to boost our economy
- Sinclair Davidson, Economist for The Australian Financial Review says, ‘We are better off when goods and services cross borders and when people cross borders too’. He argues that any restrictions placed on immigration could also negatively impact international trade and its benefits to the economy.
- Mr Davidson also explained the role migrants play in expanding the market by increasing both consumer demand and supply for Australian goods and services. This is especially the case in Australia, where skilled migration makes up a significant portion of the country’s migration intake. Once employed, migrants also contribute to Australian living standards through paying taxes. And generally, the more people who live and work in a country, the faster Australia’s gross domestic product increases.
- There are also alternative solutions to the Australian house pricing problem which do not have to involve tightening immigration intake and which Mr Davidson believes needs to be considered. His view is to lower taxation rather than restrict immigration.
Read our post on ‘Migration trends to watch in 2017’ for more immigration insights or if you would like to discuss your visa options, contact Interstaff’s registered migration agents on +61 8 9221 3388 (or National Free Call 1800 449 858) or [email protected]