A new study has found a drop in migration as a result of COVID-19 will see a loss of 1.1 million people in Australia's population over the next decade.
That will result in a smaller workforce - estimated at 822,000 by 2024 - which will in turn slow growth and reduce the size of the Australian economy by around $80 billion.
The report says skilled permanent residents have an employment participation rate of 92 per cent, compared with 66 per cent for the overall Australian working-age population, meaning they typically contribute more tax revenue than they take away.
Mr Forrest says that's especially needed to pay off pandemic-related government debt and fund other services.
"We have more people turning 65 and exiting the workforce than are turning 18 and entering the workforce so we have a taxation liability in terms of the healthcare costs of that ageing demographic, but we've got a smaller workforce to pay taxes to pay for it. That's why we need migrants to come in and bolster the size of the tax base and bolster the size of the economy so that we can pay for the care for older Australians that they really deserve."
International students are vital to Australia's economic recovery, as well.
State and territory government are working to facilitate the return of some international students before the end of the year, with their revenue estimated to have supported more than 240,000 local jobs in 2018-19.
But Federal Immigration Minister Alex Hawke has told SBS Punjabi their studies will remain online for the time being.
"There's a great quality education people can access from Australia and they can do that from offshore at the moment and that is working. We want to see a return of students and tourists, and everybody as soon as it is safe and practical to do so, but unfortunately that won't be now."
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