Australia's three decades of uninterrupted prosperity are coming to an abrupt end as the global coronavirus pandemic crashes one of its most lucrative sources of income – immigration.
SYDNEY - Australia’s three decades of uninterrupted prosperity are coming to an abrupt end as the global coronavirus pandemic crashes one of its most lucrative sources of income – immigration.
Net immigration, including international students and those on skilled worker visas, is expected to fall 85% in the fiscal year to June 2021, curbing demand for everything from cars and property to education and wedding rings. So critical is migration to Australia that analysts reckon the economy would have slipped into a recession last year without new arrivals to boost population growth.
Australia’s population would grow an average 1.6% annually over the decade to 2027, according to the latest official projections from 2018. Without immigration, it was forecast to grow only 0.5%.
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