Knowledge economy is emigrating

 For a nation that is betting heavily on creating a ‘Knowledge Economy’, probably the most stunning effect of the financial collapse is beginning to take hold here.

 The brain drain currently occurring will have negative consequences for Ireland, social and financial, for a generation, at least.

We can count the cost of debt but we can’t count the loss of a nation’s future. Who will our entrepreneurs be, our thought leaders, and for that matter, our political leaders, when the smartest are gone?

Ireland’s twenty somethings are leaving the country at a quickening pace due to lack of employment opportunities and the rising costs of higher education, according to visa provider, VisaFirst.com.

It said it has seen a massive 40pc increase in inquiries from Irish students for Australian temporary visas in 2011 so far.

“Almost 23,000 Irish citizens entered Australia on the 1 year working holiday between 2009-2010. This temporary visa has long been a favourite of the Irish youth – however this popularity has been compounded by a variety of factors. Anecdotal evidence from visa applicants attributes some of the growing trend to the costs and reduced grant supports associated with third level education. Further education is no longer an automatic accession for secondary school graduates.

“Families throughout the country are struggling financially and at the moment are not in a position to commit to the 4years of fees demanded by third level education. With this in mind some students are taking this opportunity to travel to Australia and elsewhere – possibly with a view to returning home when things get a bit better to continue their education,” said manager, Edwina Shanahan.

She added that the firm’s Sydney office has also noted this surge in further-stay visa applications from Irish working holiday makers currently in Australia, as there is no work to come home to.

“Workers often chose to switch from a working holiday to a sponsorship visa because tax rates are lower and they do not have to change employers after 6 month. An employer will sponsor a good worker for permanent residency. The Working holiday Visa is a stepping stone for a qualified tradesman or graduate who does not have work experience. It also gives unskilled workers the opportunity to work overseas and take up the occupation of their choice there”.

Roger Brownlie for Vistage