"Social distancing has had a greater impact on our economy than border closures." Jo Masters

A fascinating week of insights at Tenfold Australia.

Jo Masters joined us yesterday for one of our Tenfold Australia Dialogues, at which we explored the impact of COVID on our economy and the likely features of next week's Federal Budget.

The day before that we held Roundtable sessions with the local HR leaders of global companies and CEOs from the Not For Profit sector.

Three key stats stood out to me...

1) 500,000 skilled migrants have returned to their countries of origin in the last year, according to Randstad.

2) 480,000 Aussies have come home from OS, Advance Australia reported.

3) By 2023/24 we will have a deficit of 1,000,000 workers relative to pre-COVID predictions due to lower levels of skilled immigration.

Social distancing has had a bigger short term impact on the economy but in the medium term international border closures will start to bite.