Australia Reaches Peak Immigration with Unprecedented NOM Figure in 2022-23
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Explore the informative insights regarding the NOM figure with peak immigration in Australia and make a decision to immigrate to Australia for a great career
In a surprising turn of events, Australia has reportedly reached a peak in immigration, with a net overseas migration (NOM) figure of 518,000 recorded for the 2022-23 financial year.
Data provided by the Australian Bureau of Statistics (ABS) indicates that the November quarter saw a significant decline, with only 84,150 net long-term arrivals – the lowest number since January 2023. This drop has sparked discussions about the reasons behind the decrease in arrivals during this period.
Despite the quarterly dip, the annual net long-term arrivals witnessed a substantial surge, reaching a record high of 444,000 in November. This conflicting data adds complexity to the immigration narrative, leaving experts and policymakers pondering the underlying factors contributing to the overall fluctuations.
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Immigration Impact Analysis
Analysts suggest that this notable increase in the annual net long-term arrivals may be a result of various factors, including changes in government policies, global events, and economic conditions. The unprecedented figure of 518,000 for the entire financial year prompts questions about the sustainability of such high levels of immigration and its implications for Australia's social, economic, and infrastructural dynamics.
As the nation grapples with this influx of newcomers, Australia explores the potential impacts on housing markets, employment sectors, and cultural assimilation. Additionally, it raises concerns about the country's capacity to effectively integrate such a large number of immigrants and maintain a harmonious societal balance.
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FAQs
1. Is Australia rich or Canada?
In 2008, Australia and Canada exhibited comparable levels of GDP per capita. Based on purchasing power parity, the nominal GDP per capita was approximately US$ 7,000 for Australia and US$ 9,000 for Canada. Moreover, since 1990, Australia has experienced a slightly higher growth rate in real GDP per capita compared to Canada.
2. Is it better to settle in India or Australia?
A significant number of Indian residents are attracted to moving to Australia, mainly due to the prospect of earning higher wages. Numbeo reports that the average after-tax salary in Australia is roughly INR$ 291,400, markedly higher than the average Indian salary of INR$ 35,200. Additionally, there is notably less job competition in Australia.
3. Is Australia richer than India?
According to a report by New World Wealth, India ranks as the sixth wealthiest country globally, with a total wealth of $8,230 billion, surpassing the total wealth of Australia, France, Canada, and Italy. The report also indicates that the United States and China hold the top positions as the wealthiest countries in the world.
4. How many Indians are living in Australia?
As per the 2021 census, approximately 976,000 people in Australia identify their ancestry as Indian. The Indian diaspora is the second largest and is experiencing rapid growth in Australia. In September 2023, the number of Indian students in Australia reached 122,391, making them the second-largest group of foreign-born students in the country.
5. What are the top 5 countries of Australian immigrants?
Individuals from the primary five countries of origin - the United Kingdom, New Zealand, China (excluding Hong Kong and Taiwan), Italy, and Vietnam - comprised 45.1 percent of Australia's total foreign-born population.
