Productivity and tax revenue take $80bn hit from migration pause

Australian Property Journal – 

IN the 20 years leading up to COVID-19 immigration contributed an estimated $172 billion in additional productive capacity to Australia’s economy but the total loss of new migrants during the pandemic will shrink the economy by $80 billion by 2025.

According to a new research paper by the Urban Taskforce and BIS Oxford Economics, Migration Matters – Immigration and the economy, net overseas migration accounted for 57% of Australia’s annual population growth on average, while over the same 20 year period new migrants were responsible for more than 20% of the increase in economy’s productive capacity.

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