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The rising budget deficits and associated increases in public debt confronting the government of Papua New Guinea (PNG) make it difficult for the government to comply with the legislated debt ceiling of 45 percent of GDP within the foreseeable future.
Last week, we released the migration scores from the 2016 Commitment to Development Index. A few eyebrows were raised at Australia’s third-place performance. That didn’t seem to fit with what we think we know about Australia’s attitude to immigrants. So did we get something wrong? We don’t think so, and here we explain why not.
When countries select immigrants based on skill, what happens in the migrants' countries of origin? Departing skilled workers obviously tend to reduce stocks of skill there, but the prospect of skilled migration can induce more investment in skill. It is not clear which effect dominates. This paper studies one of the fastest and relatively largest exoduses of skilled workers on record, in the Pacific country of Fiji, which paradoxically produced a net increase in the stock of skill within Fiji. It offers evidence that skilled migration prospects caused that net increase, and evidence to rule out several competing explanations.
In a few weeks’ time Australia’s Westpac bank will start closing down the accounts of money transfer organizations used by immigrants to send money home. Westpac is the last major Australian bank still offering services to organizations in the country’s US$25bn remittance sector.