About 10,000 millionaires, with personal wealth higher than US 1 million, have migrated to Australia last year in 2017, making Australia the millionaires’ choice of migration destination for the third year. According to a report, these high-net-worth individuals, mainly from China, India and United Kingdom, were lured by the proximity to Asia, safeness, political stability and the absence of inheritance taxes of Australia. This benefits the businesses based in Australia to doing business in China and Japan.
Australia was ranked as the top country in the world which is the safest country for women in 2018. Also, it’s ranked as the 9th-wealthiest country in world. Australia has a private wealth of US $6.142 trillion, and it is forecasted that it will overtake Canada and France to be the 7th-wealthiest country in 10 years.
Australia Government Increases Budget to Improve Aged-care Services
The recent Australia federal budget has revealed the government's plan to change pension work bonus. The new budget allows older Australians to work more without reducing their pension payments. It also expands the access to the pension loans scheme in order to reduce equity from their home so as to boost their income.
The government will spend $1.6bn over four years for the plan to create 14,000 home-care places for the elderly, and to show their support to the individual choice of elderly to stay at home, and avoid moving to residential aged care.
It is also announced that the government will spend $146m to improve the access to aged-care services in rural and regional areas. $83m will be spent to increase the support for mental health services in residential aged care. Also, $20m more will be spent over four years in a pilot project which targets the population which is at risk of isolation.
The migrants contribute to the annual average GDP growth
The joint research conducted by Treasury and the Department of Home Affairs of Australia has dispelled the concern about the need to cut immigration. The paper, released on 17 April 2018, cites International Monetary Fund’s estimation on the effect of migration program in Australia. It states that the program will add up to 1% to annual average GDP growth from 2020 to 2050 because it focuses on skilled migrants of working age, which alleviate the economic impact of the country’s ageing population. As the focus on skilled migrants of working age improved Australia's productivity, the skilled migrants contributed to Australia’s growing wealth and increased the GDP per capita. The report added that migrants, especially the skilled migrants, are not living on the welfare of jobs. Instead, they are likely to contribute more to tax revenue than they claimed in government support. "In the absence of migration, Australia's workforce would begin shrinking in absolute terms by 2020." the report said.
Darwin's multiculturalism hoped to solve its sluggish population growth
With around 30% of its residents born overseas, Darwin in Northern Australia is now a highly multicultural area, attributed to expanding size of the Nepalese, Nigerian and Japanese communities. While the population outflow has been vigorous, the northern territory has also been urging the government to allocate more resources to support the newly arrived immigrants, so that the skilled workers would prefer continual of living in Darwin rather than interstate migration.
Along with the friendly and warm welcoming attitude of the locals, the concerted efforts of the territory to retain the professionals will hopefully be successful.
14 March 2018
Chinese Student Enrolment Challenges
Impacted by the recent conflicts concerning the diplomatic relations between Australia and China, the enrolment rates of the Australian universities may be negatively affected. Together with increasingly restricted issue of offshore visa permits and intense competition with the UK and the US education providers, it is likely that Australian universities will face a phase of slower growth in university applications from Chinese. In face of the reduction in offshore visa grants,
potential young immigrants should consider apply for visas as soon as possible. This could also pave way for obtaining onshore visa applications and citizenship later on.
In pursuance of a more prosperous economy, the Australian Government would like to attract foreign entrepreneurs and investors into the state, that a new visa would be introduced. The exciting announcement of the new visa has brought hope to many who envision their life in this country as having an excellent quality of life.
The acquisition of it seems easier than ever, as the applicants need a state-of-the-art idea and a well-structured business plan, as well as be equipped with vocational level English, which means obtaining band 5 in each four parts of the International English Language Testing Service ( IELTS).
Permanent residence could possible be achieved too, once the flourishing business venture has developed. This new visa, definitely, sows the seed of an Australian immigration dream.