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| Name | Australian Immigration Contributes much in Australian Economy | Australian Immigration Updates |
| Video Uploader | Video From A2z Immigration Updates |
| Upload Date | This Video Uploaded At 20-05-2021 10:56:58 |
| Video Discription | Do you know that the Treasury Secretary has warned that Australia's population is aging and its economy is shrinking as a result of the lack of migration? According to the federal government's senior economic adviser, the economy is having a profound impact on the reduction in migration due to the closure of the border. Need an Expert Consultation Session to discuss immigration/work visa/Study Visa Queries: Online Consultation: http://www.a2zimmi.com/consultation/ Contact us at: +91-9877456409 | +91-6283962009 Due to COVID-19 problems, Australia has undergone “one of the greatest changes” compared to other advanced countries, according to Treasury Secretary Steven Kennedy. H e stated during a press conference in Sydney on Tuesday to discuss last week's government budget that it will make us smaller and demographically older. Slower population increase will not always mean lower economic output when evaluated per capita. Dr. Kennedy's views add to the discussion over the economic and social costs of Australia's international isolation, which was exacerbated by the budget's assumption that the country's borders would remain closed until the middle of next year. According to current projections, net foreign migration will recover to pre-COVID levels by the middle of the decade, allowing Australia to “catch up” on population growth lost since the outbreak. Dr. Kennedy believes it is in Australia's best interests to return to open international borders and a well-balanced migration scheme. “Migrants — particularly skilled, working-age migrants — provide an economic benefit for Australia through increasing labor participation and likely productivity growth in the long run,” he said. Open international borders also create economic potential for specialized sectors, such as tourism and education services, as well as broader benefits from the ability to travel and communicate with others in person rather than electronically. Dr Kennedy said despite the sharp increase in public borrowing during the pandemic, debt as a share of the economy was still low by international standards. He stated there is still financial space to respond with the financial policy if the need arises. Labor Treasury spokesman Jim Chalmers, meanwhile, will warn in a speech to the National Press Club on Wednesday that the $100 billion in expenditures is a "lost opportunity" that would result in a generational debt with no dividend. Dr. Chalmers will also highlight the hefty cost of the stage three tax cuts, which will begin in 2024 and reduce income tax for high earners. According to excerpts from Dr. Chalmers' speech, "what bothers me and my colleagues is that this year's budget is spending without any enduring social benefit or any long-term economic return." “Of course, this is on top of the $130 billion in tax cuts for high-income earners that have already been baked into the budget.” While he recognizes that borrowing to invest and absorb economic shocks is necessary for a crisis, he criticizes the federal government's lack of transparency regarding the return on this investment and when the debt will be addressed. He will argue that the amount of debt is important, but the quality of expenditure is more important. Despite a better-than-expected recovery from the coronavirus pandemic, Reserve Bank meeting minutes released on Tuesday reveal that the board anticipates GDP to remain below levels projected prior to the outbreak, mostly due to decreased population growth. Closed borders, on the other hand, may have significant economic consequences, such as lowering inflation. According to the May minutes, which represent pre-budget conversations, a combination of increased commodity prices, supply chain bottlenecks, and employers' restricted capacity to replace labor shortages with foreign employees might lead to an earlier and faster rise in wages and inflation than projected. However, the RBA expects underlying inflation to rise 1.5 % in 2021 and then to around 2% by mid-2023. This falls outside the intended range of 2% to 3%. Our Social Links: YouTube: https://www.youtube.com/c/A2zImmI/ Facebook: https://www.facebook.com/Immigration.Updates Twitter: https://twitter.com/a2zimmi Source of information: https://bit.ly/3hCiDtm #Australianimmigration #Australiaimmigrationupdates #Skilledmigration #skilledmigrationupdates #studyvisaupdates #immigrationupdates V0i6LfUDmOc |
| Category | Education |
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