Australia facing 'massive' drop in predicted population, says Deloitte
Ahead of tomorrow's Federal Budget, there are more signs that a slowing population rate will have serious implications for the national economy.
Deloitte Access Economics is predicting a sharp fall in net overseas migration caused by the international border closure, combined with an drop in Australia's birth rate, will lead to there being 600,000 fewer people in Australia by mid-2022 than if COVID-19 hadn't hit.
"It's a massive amount," Deloitte's Chris Richardson said.
"Australia's been a very successful nation for a very long time but a big part of our ability to hold off a recession for the better part of three decades was simply people power.
"We get young, educated migrants, they tend to get high paying jobs so they pay more tax than the average. Often they don't qualify for things like Medicare benefits for a while.
"So migrants are yet another positive for the federal budget that's gone missing in a moment of incredible challenge for the budget."
Treasurer Josh Frydenberg says he has no option but to spend big in the budget tomorrow, to try to create jobs and drive unemployment down.
Billions of dollars of pre-budget announcements have already been made, including a new apprentice wage subsidy, a boost to the first home buyers scheme and money for the manufacturing sector.
Planned income tax cuts are also expected to brought forward in the hope they will encourage people to spend more money.
https://news.google.com/__i/rss/rd/articles/CBMiaWh0dHBzOi8vd3d3LmFiYy5uZXQuYXUvbmV3cy8yMDIwLTEwLTA1L2Nvcm9uYXZpcnVzLWF1c3RyYWxpYS1saXZlLW5ld3MtY292aWQtMTktZGVsb2l0dGUtZWNvbm9teS8xMjczMDg4ONIBJ2h0dHBzOi8vYW1wLmFiYy5uZXQuYXUvYXJ0aWNsZS8xMjczMDg4OA?oc=5
2020-10-04 20:50:00Z
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