The release of the 2023 Intergenerational Report (IGR) shows the important role migration plays in sustaining the health of Australia’s ageing nation and the importance of long-term planning to strengthen the country’s migration system.
SSI, a non-profit organisation providing human services to around 50,000 people a year, said the projections from the IGR reaffirm the pressing need to implement policies that harness the full potential of newcomers, especially as the nation looks forward into the future.
“Taking proactive steps to implement the 2023 Migration Review’s recommendations, such as streamlining visa types and qualification recognition processes will be critical to bolstering our nation’s growth and sustaining key workforces, like the care economy,” said Yamamah Agha, General Manager of Newcomers, Settlement, and Integration at SSI.
The IGR predicts the share of Commonwealth government spending on healthcare, aged care, the NDIS, defence, and debt-related expenditures will increase from one-third to one-half.
The report also outlines that successfully navigating this evolving terrain will require a comprehensive approach that involves leveraging the economic and workforce potential of migrants settling into Australian society.
“Welcoming newcomers is not enough; we need to develop pathways and active measures that enable their complete participation and engagement within Australian society,” said Yamamah.
“Migrants and refugees already living in Australia are currently a largely overlooked workforce which if harnessed could inject billions into the economy and fill critical skill shortages, according to our Billion Dollar Benefit report. By removing the barriers skilled migrants are facing in achieving full economic participation now, we can set Australia up for success in the future.”
Drawing from the IGR’s projections, the Treasury anticipates a decline in population growth to 0.8% by 2062-63, with a stable long-term estimate of 235,000 net overseas migrants arriving in the country annually.
As the percentage of working age Australians declines, the effectiveness of the country’s migration systems will play a pivotal role in supporting the nation’s growth.
“As the nation grapples with the challenges presented by an ageing population and evolving economic priorities, implementing the recommendations drawn from the Migration Review’s is paramount in harnessing migrants’ full potential and securing Australia’s long-lasting prosperity.”