Connect with us

Hi, what are you looking for?

News

Pandemic blows hole in Australia population goal but migration recovering

STOCK PHOTO Image by Patty Jansen from Pixabay

SYDNEY – The COVID pandemic has blown a million-person hole in Australia’s population projections in a challenge for an economy that has relied on having more consumers to drive growth, though a speedy recovery in migration promises to soften the blow.

Data in the government’s 2022 Population Statement out on Friday also showed COVID-19 lowered life expectancy for the first time in decades, though the impact in Australia was modest compared to many of its developed world peers.

Pandemic border closures in 2020 and 2021 saw population growth crater to just 0.1%, far below the 1.6% average of the previous decade, while net migration turned negative for the first time since World War Two.

One result has been a widespread shortage of suitable labour and a drop in the jobless rate to a 48-year low of 3.4%, pushing up wages and adding to inflationary pressures.

Population growth is expected to rebound to 1.4% in the year to June 2023 and hold around there in coming years, but that would still mean there will be 1.2 million less Australians by 2032/33 than forecast before the pandemic.

The population will also end up older than projected, with the median age seen at 39.8 years by 2030/31 compared to the 38.4 years forecast pre-pandemic.

Fortunately for frustrated employers, net migration is recovering faster than first feared and is expected to match the pre-pandemic trend of 235,000 a year in 2022/23, a major turnaround from 2020/21 when there was a net outflow of 85,000.

The rebound has been led by international students, with visa grants last year running at the highest since 2006, the report showed.

“However, the recovery in migration is not expected to fully offset the lost population growth during the pandemic, with Australia expected to remain smaller and older than would have otherwise been the case,” the report concluded. – Reuters

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Editor’s Pick

<?xml encoding=”utf-8″ ??> Ava Whetstone-Magee, the founder of Avalanche Equestrian talks about the lightbulb moment which led her to start her business at the age...

Editor’s Pick

<?xml encoding=”utf-8″ ??> The exodus of workers from the jobs market over the pandemic has weakened prospects for Britain’s economic growth, the governor of...

Editor’s Pick

<?xml encoding=”utf-8″ ??> Will Polston, talks to Business Matters about how helping ambitious owners to maximise their potential has resulted in him becoming a finalist...

News

Elon Musk talks about his company’s Starlink project at the Mobile World Congress, Barcelona, Spain, June 30, 2021. — BRISA PALOMAR / PACIFIC PRESS/SIPA...

News

PHILSTAR FILE PHOTO The National Economic and Development Authority (NEDA) has approved seven “high-impact” projects, ranging from agriculture to transportation, the agency’s top official...

News

Television (TV) advertising is shifting toward addressable TV, a service that allows advertisers to show different ads to different audiences watching the same program,...

You May Also Like

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.