Life just keeps getting better in the Land Down Under! According to a new report released on March 24, 2015, by the National Centre for Social and Economic Modelling (NATSEM), the standard of living for Australians improved significantly during 2014. The NATSEM report revealed that the average growth of income for Aussies grew by 2.7% in 2014, outpacing the 1.4% increase in the cost of living. Thus, the standard of living index for the residents of Australia improved overall by 1.2% during 2014, although some Australian states and territories experienced higher rates of improvement last year. For example, people living in Australia’s Northern Territory enjoyed an impressive 4% increase in their overall standard of living in 2014. This substantial improvement in the quality of life has led many people who immigrate to Australia to move to Northern Territory in pursuit of better opportunities there.
Last year’s improvement in Australia’s standard of living was not simply an isolated case of good fortune, however, but continues a long-term trend in which life for Aussies just keeps getting better and better. According to NATSEM researcher Ben Phillips, “The report reflects on Australia’s standard of living through the past 26 years where we find that Australian households are around 59% better off today than they were in 1988, after accounting for their cost of living, representing a financial gain of just over $30,000 per year on average.”
Australians enjoy one of the highest standards of living on Earth and this has contributed to a surge of immigration to Australia. This year, approximately 200,000 people from around the globe will be approved to move to Australia through various Australian immigration programs. Many of these new Australian permanent residents with be authorized to live and work in Australia through the General Skilled Migration (GSM) Program. If you and your family would like to move to Australia for a better quality of life and want to find out if you qualify for the GSM Program, sign-up today for your expert Australian immigration assessment!