Money Minute – April 19 2017 “Change the First Step”
Ross Greenwood: 457 visas is gone… good riddance to it I say!
The government finally found a piece of public policy that the public will embrace, is it also does some good for the country.
But look, don’t get carried away because there’s more to be done.
First things first, skilled migrants are essential for our country.
In the past five years, our population has grown from 22.4 million to 24.2 million – so an extra two million people in the past five years.
Now those extra people, around 1.2 million people the result of net overseas migration.
The other 800,000 – the result of natural population increase, more births over deaths.
At the moment, our entire population, 24.2 million, million there are 95,000 people here on 457 visas.
So that’s 95,000 of just 12 million people who are employed here.
It’s about 0.79 percent of our total workforce – so it’s not much.
What is clear is that some rorted that system.
People with poor skills got into the country, many stayed.
Those without English or proper education standards, even criminal checks, weren’t insisted upon, until now.
The bigger question here is what about the 1.2 million people who arrived here over the past five years.
Well, a quick check of the stat shows since 2012, an extra 676,000 jobs have been created in Australia, you with me?
1.2 million people came to Australia in the past five years, but there’s only an extra 676,000 jobs created.
There other sums, in Australia’s favour.
Sure when people migrate here, they work, they bring families and they support those families, and pay taxes.
The problem of underemployment in Australia is real.
There’s not enough work for many Australians so standard of living is getting tougher, and we need to do more.
The younger workers pay taxes, raise families, and help our aging population welfare system – this is one just step and it needs more.
Let’s go to the market this morning, what we can see is that the Australian dollar has gone down 75.37 US cents.
We go further, we can see commodity markets here – the gold price $1285.06 an ounce.
We go now to the Dow Jones index of US shares down 100 points on the close.
The FTSE 100, after the election was called, is down 149 points.
Our market off here yesterday as well.
Time, now, for entertainment news with Richard Wilkins.