Imagine having no fear of being jobless. On top of that, your employer cannot legally reduce your pay below a minimum bar which is already very decent. No matter what, your government makes sure that you are guaranteed to earn a paycheck each month. Now obviously you won’t be so privileged just about anywhere in the world. Unless of course, you have made the wise decision of migrating to Australia.
Australian Economy has rebounded after the COVID-19 crisis. With the highest minimum wage in the world & record low unemployment rate in 48 years, Australia is now the ideal destination to live and work.
- In June 2022 unemployment rate touched 3.5% which is the lowest in 48 years.
- Australia has the highest (and very lucrative) Minimum Wage rate in the world which AU$ 21.38/hour
3.5% is the figure that has been making rounds in the news as the lowest unemployment rate achieved by the Australian economy in nearly 50 years. Not only is Australia’s unemployment rate now less than the theorized natural rate of unemployment (~5%), rather what makes such an economic feat so impressive is that the progress was quite unexpected for a nation that only recently came out of a pandemic. The recent months leading up to June had witnessed a rush among residents to find employment and employers are not letting this opportunity slide. In numbers, 88 000 additional people found stable employment just in the month of June, resulting in a total of 13.6 million people who currently have jobs. Parallely, unemployment had reduced by 54 000. It should be noteworthy that each of these figures have exceeded all the forecasts by rather significant margins.
AU$ 21.38 per hour is another figure of great interest to all employment-seeking residents in Australia. This is the legally mandated weekly wage set by the Australian supreme court and no employer is allowed to pay their employees a salary less than this figure. In the spirit of fairness and preventing discrimination, this minimum hourly salary applies to all residents, either citizens or immigrants.
Moreover, Australia had faced wide criticism for its strict lockdown measures, generating speculations from economists that Australia might be completely on the verge of shutting down its economy. Yet to the intrigue of critics, the Australian government’s decision to prioritise their civilian health over a possibility of short-term recession is now paying off big time.
The Australian immigration department plans on making no delays in using this opportunity to open their door to migrants in higher numbers whose labour can significantly boost the job market and contribute to the very successful rate of virtually full employment in the opinion of economist Saul Eslake. These plans are set to be further reinforced post-election by a shake up of officials in key positions of the immigration department as Australia’s new government becomes more focused on increasing the number of places in migration planning levels.
Business and skilled visas for obvious reasons are forecasted to gain more number of places in all the upcoming migration program planning levels. And it may also be predicted that a wider range of occupations and business prospects are to be officially recognised into the occupation list as well as eligible business investments respectively to cater to higher numbers of migrants.
Bridging West is a leading Australian Registered Migration Agency that has helped lots of businessmen migrate to Australia in the last 17 years. If you want to check your eligibility for Australian Business Migration, please fill up this form. We will get back to you as soon as possible.