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Australia needs to raise net migration rate to plug labor shortage

August 2014, 05
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Australia needs new workers
The Australian economy would probably face labor shortage of 2.3 million workers by 2030, a report from Boston Consulting Group revealed.

Australia should explore ways to fill the gap as it loses momentum over the upcoming years, the firm stated.

Brad Noakes, the Partner and Managing director at the Boston Consulting Group said that the country is facing lack of people to fill its labor force, which is attributable to its low fertility rate and below replacement rate.

While the number of workers available to fill the shortage is also being reduced due to its ageing population, on which the government is working to figure it out by increasing the retirement age to 70 by 2035. Though this measure would attempt to address the shortage, it would not resolve the issue completely, as there is a relationship between the official retirement age and the effective retirement age.

Boosting skills training to increase productivity along with extending the Australian skilled migration programs are the set of solutions through which Australia’s future economic growth can be sustained. The country would need to increase the net immigration rate thereby, new workers can enter into country to fill the labor shortage between now and 2030, Brad Noakes added.

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