Economic Overview of Australia and What it means for International Students
Australia has long attracted immigrants – people aspiring to travel to the country and settle there. The period of stay may vary, but the continent country has a lot to offer. Truly, the country is formed of people from all over the world, who came looking for adventure and made it a part of their life. This was bolstered by the country’s immigration policy that continues to call out for skilled workers and professionals to meet its ever-increasing demand.
Australian Universities had the biggest calling card and rose rapidly forth in international rankings with ease of admission and visa guidelines. At the turn of this decade, however, a series of natural disasters, pandemics and the world financial crisis adversely affected the productivity of the country, yet recording a jump of 0.7% in the country's GDP in 2021. But Australia recorded an economic growth of 3.8% in 2022 which has gone down by 1.1% since 2021. This continues, however, what is the forecast for the Australian Economy in terms of job creation and opportunities to find relevant jobs after completing your education? The answer is, it is fairly positive.
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Economic Growth Rate in Australia
The Australian economy recorded a steady growth rate of 3.8% this year (2022). Going forth, though the industries are shifting and unemployment is holding steady at over 3.5% in March 2023 which has definitely seen a positive shift since 2020. Given the after-effects of the pandemic, there is a huge ambiguity that looms over the economy, and it is difficult to predict how 2023 would pan out for the country due to the current crisis. Let us take a closer look at the Australian economy that was in 2022. For the year 2022, the Australian economy fell by 1.1%, and the last quarter of 2022 recorded a 2.5% increase in the GDP.
Sector Wise break up of Australian GDP
The Australian economy is widely a service-oriented economy with the service sector contributing to 68.7% of the GDP, followed by Industry at 27.4% and Agriculture at 3.8% as per the latest figures.
While the mining industry is still recuperating from the spate of natural disasters that affected the country, it has started showing positive signs of improvements. The Service Industry continues to draw positives and show growth.
The inflated housing prices, however, seem to harm the overall consumer sentiment in the regions of Sydney and Melbourne and shift the economic activity centres to Darwin and Perth. Darwin, especially, shows a rather positive employment rate with a high amount of activity and an influx of private players. This does not mean Sydney and Melbourne are bad, just that there are cities other than the favourites which are opening up opportunities for young graduates, making it a higher probability city to find suitable employment.
What does it mean for international students in Australia?
To conclude, Australia continues to hold a promise. The country’s visa and immigration laws along with the demand for lower demographic and skilled workers remain high, making it a lucrative study-abroad destination. The popular job sectors of Australia continue to create a steady (if not increasing) demand for fresh professionals and the outlook should remain neutral if not entirely negative in the future.