Regional Australia Institute report outlines population dangers
With populations centred around capital cities, the Regional Australia Institute is urging people to consider whether they could be better off moving to the bush.
The Regional Australia Institute is calling for a new national awareness campaign promoting the opportunities of living in regional Australia, with the aim of driving a population shift in coming decades.
It comes as a Committee for the Economic Development of Australia report shows 70 per cent of temporary skilled visa holders reside in New South Wales and Victoria, with most ending up in Sydney and Melbourne, compared to the mere 2.6 per cent heading to South Australia — much less than the state’s relative population share.
The Regional Australia Institute is launching a new report today — Regional Population Growth: Are We Ready? — that looks at the economic consequences of alternative population scenarios, which could alleviate Australia’s megacity future and help supercharge regions.
Institute co-chief executive Dr Kim Houghton says this new body of work raises serious questions about the type of future Australia has if predicted population growth continues as projected.
“The new research has shown that many workers living in our outer city suburbs could be financially better off if they moved to regional Australia,” Dr Houghton said.
“Many homeowners in our state capitals are paying double the mortgage of their regional city counterparts, but have a similar average wage.
“Australia’s population is set to grow by up to 19 million by 2056, with the Sydney and Melbourne to hit megacity status in the next few decades.
“But if we continue with our current geographic patterns of settlement, most of that population will end up in the outer suburbs.”
Adelaide Bank and Bendigo Bank director David Matthews said with job opportunities growing in regional Australia, there is more reason than ever for those living in cities to consider a change in lifestyle.
“Regional Australia has so much to offer, be it more affordable housing, a quicker commute to work,” Mr Matthews said.
The Regional Australia Institute has also unveiled its latest tool, MOVE, which allows potential homeowners to find out which areas in Australia give them the best chance of paying off their mortgage faster.
By combining the average wage of a particular wage local government area with the average house price, people can quickly find out where they could pay off their mortgage the fastest.
“This new research really poses a significant question to families in the future — will you be financially better off setting up a life in regional Australia? We know the answer could be yes,” Regional Australia Institute co-chief executive Liz Ritchie said.
A copy of the new research paper Regional Population Growth — Are we ready, is now available at www.regionalaustralia.org.au. The new tool, MOVE, is also available on the RAI website.