The US economy has had 9 years of solid growth since the global financial crisis in the year 2008-2009. That is indeed impressive but not quite as impressive as Australia.
If you are on the lookout for a country which is completely recession-proof, then its got to be Australia. Australia faced its last recession 27 years ago and has had back to back 108 quarters of economic growth and still counting. None of the developed economies of the world even come close.
Australia’s population has grown by nearly 45% since the year 1991. The growth in population is not because of its high fertility rate but a majority of Australia’s growth in population stems from immigration.
Australia has the largest foreign-born population as compared to any other developed country in the world. As of 2016, more than 28% of its population was not born in Australia. The figures are certain to breach the 30% mark by the end of the decade. Immigration is adding nearly 1% to its population every year.
The population growth has led to more demand especially housing. Higher immigration has led to the massive housing boom.
Australian immigrants are mostly selected on the basis of a points system. More than two-thirds of the immigrant population is admitted to Australia on the basis of their skills and qualifications. Most of these immigrants are working-age adults and their presence boosts the Australian economy.
Australia’s national health care scheme Medicare is open to all Permanent Residents and citizens of Australia. The current immigration boosts the number of working-age, healthy, tax-paying individuals who need little medical care. Thus, Australia is able to maintain its national health system at a relatively low cost.
Australia ranks fourth in the world on the basis of the number of international students. Australia houses nearly 382,000 overseas University students as well as 248,000 junior college and high school students. In New South Wales a government report found that the tuition fee paid by international students made up more than 2/3rd of all tuition revenue in 2017, as per Foreign Policy. Student Visa allows students to work part-time. They are also required to pay the associated income tax which in turn also adds to the Australian economy.
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