Skilled migrants forecast to increase NSW economic growth

Publish Date: Jul 31, 2014

According to a 2013 Centre for International Economics report, an estimated 194,000 skilled migrants are expected to migrate to New South Wales between the 2012-13 financial year and the 2016-17 financial year. This migration is expected to have an immense impact on the growth of the New South Wales economy.

In August 2013, the Centre for International Economics prepared a report for NSW Trade and Investment, Regional Infrastructure and Services about the impact of skilled migration on the Australian economy. The report forecast that skilled migration will increase the NSW economy by an average rate of 2.6 per cent per year. The report also suggested that if skilled migration did not occur, the average yearly economic rate would be at 2.1 per cent.

The report also found that if skilled migration to NSW was stopped there may be a negative impact on the economy of other Commonwealth states. It was forecast that the Victorian economy would have been 0.4 per cent smaller and Western Australia's economy 1.3 per cent smaller by 2016-17 if there was no migration to the New South Wales.

Past skilled migration to NSW was also looked at in the report. Between 2007 and 2008, a quarter of skilled migrations to Australia came to the New South Wales state. The majority of these migrants (57 per cent) held temporary skilled visas over this period.

In 2011-12, 20.4 per cent of Skilled Stream visas that were granted in Australia were given to individuals who planned to live in NSW; this equated to 25,661 migrants. Skilled Stream visas are designed for migrants who have specific skills or qualifications that match areas of skill shortages in Australia.

The occupation group that had the highest number of visa holders over 2007-08 to 2011-12 in NSW was business, human resource and marketing professionals, with 34.7 per cent of visa holders being employed in this sector. The second highest was ICT professionals with 13.2 per cent of the skilled migrants.

The top three countries that skilled migrants to Australia originated from were India (19 per cent), the United Kingdom (15 per cent) and China (13 per cent).

Skilled migration in NSW

The Skilled - Nominated (subclass 190) program in NSW opened on July 14 2014. NSW Trade and Investment state that due to significant demand the applications for this intake has now closed. The quarterly intake was for 1,000 applications. The next intake will open on October 14 2014. 

If you are interested in business migration in NSW, either as an individual or an employer, talk to an immigration lawyer.

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