Australia looks to migrants to boost country's recovery from COVID-19

 Since the May budget, the estimated number of migrants arriving in Australia has increased.

Permanent migration to Australia will be increased to 160,000 people per year to help address the country's economic recovery and skills shortage, according to Treasurer Josh Freudenberg.

He was speaking ahead of Thursday's budget update, the Mid-Year Economic and Fiscal Outlook (MYEFO), in which he said the federal government forecast foreign migration to be 120,000 more over the next two years than predicted in May's federal budget Is.

The additional migrants, he told The Australian newspaper, would help the Australian economy recover from the COVID-19 outbreak.

"With one of the highest vaccination rates in the world, our international borders are opening almost six months ahead of budget, resulting in a major change in migrant patterns."

"MYEFO (Mid-Year Economic and Fiscal Outlook) will demonstrate that over the next two years, we expect 120,000 more migrants to budget, support better economic activity and provide a welcome boost to our economic recovery." "

Due to widespread COVID-19 travel prohibitions and border closures, Australia's net foreign migration fell into negative territory for the first time since World War II, meaning more migrants left the country than arrived.

As per the May budget, net foreign migration for the fiscal year 2021-22 was projected to be minus 77,000, however, it will be revised upwards to minus 41,000.

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