Migration intake needs to rise to avoid recession
Australia’s best chance of avoiding a recession is to encourage strong migration growth. However, Australia’s population growth is quickly fading in part caused by falling migration numbers, thus threatening to rob the country of one of its strongest pillars of growth at a time of rising risk of recession, according to a report in the Wall Street Journal.
Australia's population growth rate has slowed to a rate last seen nearly 10 years ago, the Australian Bureau of Statistics (ABS) latest statistical survey revealed.
"In the year to March 2015, Australia's population growth rate continued to slow from its peak in 2008-09 and is now just below the 20-year average growth rate," said Denise Carlton from the ABS.
"The Northern Territory recorded its lowest growth rate in 11 years, at 0.2 per cent for the year ending March 2015. This is 80 per cent lower than that of March 2014. Net interstate migration losses were the greatest contributor to this slower growth, with the territory recording its largest ever interstate migration loss in the year to March 2015," said Ms. Carlton.
"Western Australia also recorded slower growth. In the past two years, net overseas migration to the state has dropped by 71 per cent, while net interstate migration has dropped to the point where the state has seen a net interstate loss. This has not been seen in over 10 years in this state."
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