In recent years, the Australian economy has maintained consecutive growth for many years, which is quite rare among developed capitalist countries. Experts believe that this is largely attributed to the large influx of immigrants each year, especially due to the active immigration policies over the past 15 years.
The relationship between immigration and economic growth
The arrival of a large number of new immigrants necessitates the purchase of a significant amount of goods and services, leading to faster economic growth; this is a relatively simple relationship. An analysis by the business editor of the Australian Broadcasting Corporation indicates that Australia's economic miracle stems from the sharp increase in the immigrant population.
In the past 15 years, Australia's population growth rate has soared to 1.8%, far exceeding the OECD average of 0.7%. All signs indicate that immigration has played a facilitating role in driving Australia's economic growth.
Immigrants excel in entrepreneurship, driving employment
Generally speaking, new immigrants are more likely to choose entrepreneurship upon arriving in Australia, especially business immigrants. New immigrants are particularly adept at entrepreneurship, partly because most of them were engaged in business before immigrating and have rich entrepreneurial experience, and partly because new immigrants often find it relatively difficult to find jobs due to their limited English skills, which encourages them to choose entrepreneurship. Entrepreneurship creates job opportunities; a large number of new immigrants starting businesses leads to a significant number of job opportunities, thereby promoting a virtuous cycle in the Australian economy.
However, most new immigrants arriving in Australia need to settle in places where they can find jobs or start businesses. Sydney and Melbourne, the two largest cities, have favorable employment conditions and entrepreneurial environments, which has resulted in significant housing pressure in these cities. It is reported that since 2003, Melbourne's population has increased by nearly one million, and Sydney has not lagged behind, leading to continuous rises in housing prices and rents in both cities.
In the future, the Australian government will weigh the benefits and pressures brought by immigration to formulate more reasonable, scientific, and sustainable immigration policies. With the government abolishing the 457 visa and increasing the difficulty of obtaining citizenship, it is evident that the Australian government aims to attract immigrants who are more capable and can integrate more easily into Australia.