While the rate of migration in Australia is slowly reverting to normalcy following the turbulence of the coronavirus pandemic, there are lingering questions about how this will influence wages down under.
Unions in the island nation are exuding concerns over whether or not the rapid return of migration rate to pre-pandemic levels would stultify the prognosis on wage growth. This concern Is particularly predicated on the inevitable rise in the cost of living.
Government officials across party lines in the country are adamant that migration is critical for the economic recovery and growth of the county and hope that a return to pre-pandemic levels of migration will boost wages.
The projections indicate that inflation is likely to grow at a faster rate than wages up until June of 2022. However, there is an expectation that there will be a steady rise in wages after that point.
As things stand Australia is more likely to lose people to other countries as opposed to attracting migrants given the complexities, restrictions and uncertainties of the pandemic era. Between 2020 and 2021 the county lost around 100,000.migrant workers. This outflow of migrants is due to the stringent border policies and is expected to continue for a while with 41,000 people expected to depart.
2022-2023 is set to witness a quick turnaround with a 180,000 positive net migration expected with the figure expected us to rise to 235,000 in 2024-2025. The pre-pandemic level was 241,000.
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