Solomon Islanders working overseas including under the Pacific Australia Labour Mobility (PALM) scheme have sent home a record-breaking SBD431 million in remittances in 2024.
Thats according to the Central Bank of Solomon Islands (CBSI).
This record breaking figure and is an increase of more than 70 per cent for the same period in 2023.
The new data underscores the significant contribution Australia’s PALM scheme makes improving the lives of Solomon Islanders through sending money home to their local communities.
Australia’s High Commissioner to Solomon Islands, His Excellency Rod Hilton, said the remittances not only improve living standards but also bolster Solomon Islands economic resilience.
“This outstanding result is just one of the reasons we are proud Solomon Islands choose to partner with Australia to create more jobs and opportunities for economic development, including under the PALM scheme,” High Commissioner Hilton said.
“With more than 8,500 Solomon Islanders who have gone to work in Australia, these remittances play a crucial role assisting families and local communities.”
Director of the Labour Mobility Unit, Ms Christina Marau acknowledged the contribution of Solomon Islanders working in labour mobility to the country’s economic development.
“With the great reputation of our Solomon Islands workers in labour mobility, I want to acknowledge the workers for their commitment and hard work.”
“We’ve seen a lot of growth in the demand for our workers and it is because of their “Here to work” attitude, maintaining our good reputation”
Surveys conducted by the Pacific Labour Mobility Support Program show families typically use their earnings to contribute to school fees, construct homes and to start businesses which generate more jobs for Solomon Islanders.
As of December 2024, more than 27,200 PALM scheme workers across the Pacific were working in Australia with nearly 500 businesses, reinforcing the importance of this program to Solomon Islands and across the Pacific.
“The record-breaking news demonstrates why Australia is Solomon Islands nambawan economic partner,” High Commissioner Hilton said.
“It’s the value and strength of this economic partnership, which is underpinned by Australia’s commitment to creating jobs and increasing opportunities for Solomon Islanders here and overseas.”
