Migrants to contribute $1.6 trillion to Australia's GDP by 2050 - finder.com.au

Migrants to contribute $1.6 trillion to Australia’s GDP by 2050

Posted: 11 July 2018 12:19 pm
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Image: Dulce Munoz, part of Mums 4 Refugees

New campaign by Wise highlights the positive social and economic impact of migrants in Australia.

Dulce Munoz arrived in Australia with her husband in 2008 from Mexico. The pair came to Australia seeking a better lifestyle, and arrived without knowing a single person. Dulce is now an active member of Mums 4 Refugees, a group of more than 3,600 mothers fighting to support mothers around the country and mothers migrating to Australia.

Dulce is one of the hundreds of thousands of migrants who come to Australia each year. These migrants are set to contribute $1.6 trillion to Australia's gross domestic product (GDP) and add 15.7% to Australia's workforce participation rates by the year 2050. Migrants are also predicted to add almost 22% to after-tax wages for low skilled workers by 2050, according to the Migration Council of Australia.

International peer-to-peer money transfer fintech Wise today launches its Faces of Australia campaign to further highlight the positive impact migrants have on Australia. According to new research commissioned by Wise, 75% of people originally born in Australia believe migrants have helped this country, and 72% believe that migrants have made Australia economically, culturally and socially stronger.

However despite this, more than half of those born in Australia still don't think it should be any easier for people to migrate to Australia. Younger Australians have a more positive view on migration, with 44% of millennials thinking it should be easier for people to migrate here, compared to just 24% of baby boomers thinking this way.

Australia Country Manager at Wise Nicolas Lembo said the new Faces of Australia campaign aligns with who Wise is as a company, and what it stands for. “Australia is a nation of migrants. Half of us are born overseas or are the children of immigrant parents, so being an ‘Aussie’ means many different things for many different people."

“At Wise, we believe being Australian is more about recognising where and who we are now and where we hope to go, as much as where we've come from. We wanted to put a spotlight on what Australia looks like today and the contributions migrants make to our community," he said.

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