Fed: Exodus of Australians brain gain, not brain drain: Costello

AAP General News (Australia)
12-19-2006
Fed: Exodus of Australians brain gain, not brain drain: Costello

By Amy Coopes

SYDNEY, Dec 19 AAP - The exodus of one million Australians seeking work overseas is
not a national brain drain but a brain gain, says federal Treasurer Peter Costello.

Launching the inaugural Advance 100 Leading Global Australians Summit in Sydney today,
Mr Costello said it was in the national interest for Australians to work overseas.

The Advance summit brings together 100 prominent expatriate Australians from business,
the public sector and the arts, including astronaut Andy Thomas, Royal Ballet principal
Leanne Benjamin, comedian Clive James, author Kathy Lette and former foreign minister
Gareth Evans.

"Sometimes you hear the criticism of this country that skilled Australians are going
overseas to work," Mr Costello told delegates.

"This criticism is nonsense.

"Young talented Australians overseas are not a loss to this country, they are a great
national asset."

After learning new skills and gaining invaluable overseas experience, research showed
a high proportion of expatriates returned to Australia for family and retirement, 75 per
cent within two years of leaving.

Australians who went to the UK to work had a return rate of 85 per cent, Mr Costello said.

Of the one million expatriates living and working abroad, one-quarter was in the United
Kingdom and Ireland, another quarter in continental Europe, one-seventh was in North America
and the remainder in the Asia-Pacific.

These were typically young, highly educated, highly skilled people who cited employment
opportunities and professional development as the greatest reason for moving offshore,
Mr Costello said.

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KEYWORD: GLOBAL

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