{"id":54551,"date":"2017-12-14T06:40:17","date_gmt":"2017-12-14T06:40:17","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=54551"},"modified":"2017-12-14T06:40:17","modified_gmt":"2017-12-14T06:40:17","slug":"australias-population-growth-outpaces-world-as-migrants-rush-in","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/world-news\/australias-population-growth-outpaces-world-as-migrants-rush-in.html","title":{"rendered":"Australia’s population growth outpaces world as migrants rush in"},"content":{"rendered":"

Australia’s population growth outpaces world as migrants rush in<\/span><\/strong><\/span><\/h2>\n

Australia’s population growth outpaces world as migrants rush in:- Australia\u2019s population is expanding at the fastest pace in the developed world as skilled migrants flock to the resource-rich nation, a fillip to economic growth overall but perhaps also a source of puzzling weakness in wages.<\/span><\/p>\n

Government figures released on Thursday showed the number of people resident in Australia increased 388,100 in the year to June, a rise of 1.6 percent on 2015\/16. That was far above the global increase of 1.1 percent, and well ahead of the United States\u2019 gain of 0.7 percent and Canada\u2019s 0.9 percent.<\/span><\/p>\n

There\u2019s still plenty of room for more, given the giant continent still only has 24.6 million people, putting it at 53rd in United Nations global population rankings.<\/span><\/p>\n

Much of Australia\u2019s growth came in net overseas migration, which surged more than 27 percent in the year to June to 245,500. That was the highest 12-month total since 2009, while the flow into the states of New South Wales and Victoria beat records.<\/span><\/p>\n

\u201cA strong labor market is attracting interstate and overseas migrants to Melbourne, while better housing affordability and jobs growth is driving population growth in Queensland and Tasmania,\u201d said Ryan Felsman, a senior economist at CommSec.<\/span><\/p>\n

\u201cOverall the stronger rate of population growth is boosting spending, demand for infrastructure, demand for homes, and overall economic growth.\u201d<\/span><\/p>\n

Leading migrant countries include China, India, Britain and New Zealand.<\/span><\/p>\n

SURGING PROPERTY PRICES<\/span><\/p>\n

The flood of newcomers, mostly on skilled migrant programs, is one reason property prices have been on a tear in recent years, especially in Sydney and Melbourne.<\/span><\/p>\n

The extra demand created by all these new Australians was also a major reason the economy grew a brisk 2.8 percent in the year to September. Indeed, strip away population growth and the economy would have expanded by just 1.3 percent.<\/span><\/p>\n

Yet the influx of able bodies has also expanded the workforce right at the time when employers were ramping up their demand for labor, restraining wages growth.<\/span><\/p>\n

Separate figures from the Australian Bureau of Statistics released on Thursday showed a barnstorming 383,000 net new jobs were created in the year to November.<\/span><\/p>\n

But wages still grew at a pedestrian annual pace of 2 percent, a perfect case of expanding supply benefiting employers rather than those already employed.<\/span><\/p>\n

Policymakers at Australia\u2019s central bank have been baffled by the divergence between employment and wages, citing the mystery as an argument against a rise in interest rates anytime soon.<\/span><\/p>\n

Source:-\u00a0https:\/\/www.reuters.com\/article\/us-australia-economy-population\/australias-population-growth-outpaces-world-as-migrants-rush-in-idUSKBN1E80HT<\/span><\/p>\n

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