Speaking to CEDA, the Committee for the Economic Development of Australia, Kruno Kukoc of the Department of Immigration outlined the role of migration in assisting Australian productivity and workforce participation.
“There is no doubt that the structural reforms of the past two decades have served Australia well and are a key reason why the country’s economic situation remains promising amidst global economic insecurities. As the Treasurer iterated in Parliament recently, Australia is better placed than just about any other nation to ride out the current global economic turbulence. Australia is experiencing solid economic growth, a strong labour market, an enviable fiscal position, well‐regulated and well‐capitalised financial institutions, and a proven track record in dealing with global instability.
Central to our thinking is that our skilled migration programs are intended to complement domestic labour market policies through the provision of skilled labour to industries that have a shortage of skilled Australians.
As Australia feels the effects of an ageing population leading to a proportionally smaller labour force, migration will continue to provide an important contribution to participation levels.
Importantly, skilled migrants help establish international networks that foster trade, knowledge sharing and investment in innovation. This internationalisation of innovation is a crucial component of any modern economy striving to boost its competitiveness and productivity. The skilled nature of our workforce, including Australians and skilled migrants, who foster innovation and productivity, is very attractive for the best and brightest migrants seeking to put highly adaptable skills to good use. The ultimate beneficiary of this cycle is local business, industry and Australian society on the whole.”