What would it take to generate $9 billion in economic value every year?
Not a big gamble. Not a decades-long plan. Just a fairer system. That’s the central finding of the Billion Dollar Benefit Report*: Australia could add 9 billion dollar to our GDP every year, by simply ensuring that migrant professionals already living here worked in jobs that match their skills at a similar rate to Australian-born workers.
The findings are extraordinary. This is not about adding more people to the workforce, it’s about better valuing the people already in it.
We are all familiar with politicians and commentators bemoaning Australia’s productivity losses over recent decades. But what if the answer is already here – on the bus, in the office, behind the counter? The solution is to focus on helping people reach their full potential by utilising the skills they already have.
The fastest and most humane way to lift productivity is to encourage higher rates of participation in the economy. As we do this we need to think about the quality and quantity of participation. We need to value people for the skills, experience and qualifications they bring with them.
At The Fair Co. we work with employers who want to do just that. Our experience is that most employers want to do the right thing. We help them turn that intent into impact. The evidence is in:
· Workers in inclusive teams are 10 x more likely to be very satisfied with their jobs.
· They’re 4 x less likely to leave their job within the next 12 months.
· They’re 4 x less likely to feel their job negatively impacts their mental health.
· They’re 11 x more likely to be highly effective at work.
· And inclusive workplaces see 5 x fewer instances of discrimination and harassment.
Still, as the report highlights, almost half of all permanent migrants are working below their skill level. And it’s not just individuals missing out, it’s the whole economy. Our hospitals, schools, infrastructure projects and innovation pipelines. It’s all of us.
The report also makes clear who’s being left further behind: migrant women from non-OECD countries despite possessing relevant skills, qualifications, and work experience, are still locked out of opportunity by systemic barriers
No one who immigrates to Australia expects a golden ticket, but they do deserve a fair go. There should not be an outcome gap between men and women. There is also no justifiable reason why well-educated people from non-OECD countries have to do it
tougher than their western counterparts. All skilled migrants have come to Australia through a merit-based selection process.
The report outlines four persistent barriers:
1. insufficient support to enhance and demonstrate English proficiency
2. difficulties with the assessment and/or recognition of overseas qualifications
3. lack of targeted policies to address the specific barriers for female and secondary migration applicants
4. ongoing discrimination within the labour market.
These aren’t small problems, but the reward for solving them is immense. Economic uplift. A stronger, more productive workforce. A fairer Australia.
Fairness is no longer a nice-to-have. It’s how smart countries build prosperity. It’s how businesses attract and retain talent. It’s how communities thrive.
We have the data. We have the talent. Now we need to make better decisions.
* The Billion Dollar Benefit Report is part of cross-sector campaign convened by Settlement Services International.
