Why migration to and from Australia is beginning to change
According to recent studies, more and more Aussies are moving to the state of Victoria from other parts of the nation, while migration from overseas continues to become stagnant.
The most recent data from the Bureau of Statistics reveals the net migration numbers of people coming from overseas in 2014 was 184,100, which is a decrease of 15 per cent from 2013. This resulted in only 473,500 new people relocating to the country, which is 5.3 per cent less than the previous year.
With 2700 new residents coming directly from New South Wales, 2100 from South Australia and 1400 from Western Australia, Victoria had its highest interstate migration in over 40 years. In fact, the Northern Territory, Queensland and WA each had more people leave the state than arrive, although all had its population grow due to the number of births exceeding the number of deaths.
Australia’s overall population grew by 1.4 per cent to 23.6 million by the end of last year. Meanwhile, the economy is beginning to thrive again behind a lower Australian dollar which has resulted in a booming tourism sector.
Due to the currency depreciation, the number of Aussies leaving the country for vacation has dropped to only two per cent since 2013 after averaging 10 per cent from 2003 to 2013. On the other side of the spectrum, international travelers (Chinese in particular) have increased five per cent from 2005 to 2013.
RELATED TOPIC: How Tourism Will Help Replace Void Left from Exports
Net overseas arrivals—which is overseas arrivals minus overseas departures—is currently at its highest level since the Sydney Olympics of 2000. As a result, net tourism services exports are currently at its highest level since 2011, and makes up 0.25 per cent of total Australian Gross Domestic Product (GDP).
If the Aussie dollar continues to drop as many anticipate, the country’s economic benefits could become even greater.
However, another new development is for the first time in 24 years, more Australians have begun moving to New Zealand than the other way around.
After New Zealanders relocated to Australia for years because of its prospering economy and higher wages, NZ only lost 1900 people to Australia between April 2014 and April 2015, which is the smallest amount since 1992.
A big reason for this has been a reversal in economic fortunes. With the Aussie economy dipping a bit due to its mining woes and lull in China’s demand for minerals, New Zealand’s has remained strong.
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.