Over the past 20 years, the number of young people moving to Australia to work or study has exploded, and they are no longer coming from the same countries as in the past.
India, the Philippines, Nepal and China are now the largest cohorts of migrants aged 25-44 in Australia.
Of the 673,350 people born in India, 62% were between 25 and 44 years old in 2021, while more than two out of three people born in Nepal were between 25 and 44 years old at the time of the census.
Not so long ago, the majority of working-age migrants came from the UK and New Zealand.
These migrants, like other Australian-born millennials, are better educated than migrants who moved to Australia in the post-war decades. We are already highly educated, but we are also improving; accounting for 40 percent of those attending TAFE or some other form of vocational education, according to the census.
So what does this mean for the future of Australia?
Well, millennials have already started to take matters into their own hands. New South Wales Premier Dominic Perrottet is the first of us to lead this country’s governments, businesses and important institutions as baby boomers move away and Gen Xers take over. his retirement.
But we will shape the nation in other ways: as workers, consumers and households.
These higher degrees or TAFE certificates will come in handy because chances are we will work longer than our parents.
Why this? Australia’s population is aging, thanks to these baby boomers, which means the country will need more people to work longer. From next year, the retirement age will be 67, but there is a good chance that the retirement age will be raised to 70 as we approach retirement.
It’s a good thing, then, that our bosses have accumulated great contributions throughout our professional lives. When we reach retirement, we, and the generations after us, should all have some pretty decent savings set aside.
Despite our work, however, fewer of us own homes. According to the latest census, almost a third of Australians rent, while another third own their homes and another third have a mortgage of some kind.
While house prices in capital cities are currently falling, they are only expected to return to where they were at the start of the pandemic – and with median house prices in Sydney and Melbourne of 1.1 million dollars and nearly $800,000 respectively.
This could further encourage the pandemic trend of remote working and travel out of capital cities, to regional hubs like Geelong or Newcastle (or even Tasmania) as we millennials seek cheaper homes and even just less rent. dear.
“This could lead to a longer-term regional boom as millennials realize the sea-or-tree shift previously recorded for retirement in our working lives.”
This could lead to a longer-term regional boom as millennials realize the sea-or-tree shift previously recorded for retirement in our working lives. This means more shops, cafes, restaurants and businesses in our coastal and rural towns – and fewer costumes in our cities.
Of course, millennials won’t rule the country forever. Today, Gen Z (young people aged 1-24) makes up 18.2% of our population. The new generation of children aged nine and under – the alpha generation – make up 12% of Australians so far.
But those numbers will rise – for Gen Z as more people move to Australia, and Gen Alpha numbers will rise as more millennials have babies. The population of our younger generation will also increase through future waves of migration.
How these younger generations will shape Australia is a mystery for now, but one thing is certain, it will soon be Millennials’ time to shine.
Ross Gittins is on leave
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