Dire immigration warning that could cost Australia $200billion
A housing expert has revealed the true failure of Australias housing problem and has said if the government would reduce migration to solve the crisis, the economy would suffer $200b over three decades.
A housing expert has revealed the true failure of Australias housing problem and has said if the government would reduce migration to solve the crisis, the economy would suffer $200b over three decades.
Gratton Institute chief executive officer Dr Aruna Sathanapally was a panellist on Q&A on Monday night, discussing the housing crisis with Minister for Housing and Homelessness Clare ONeil, shadow minister Michael Sukkar and financial journalist Alan Kohler.
In a response to whether migrants were to blame for the housing crisis, Dor Sathanapally said the source of the problem was the lack of housing.
So we can do it and cut migration but we shouldnt pretend that isnt a costly way to go about solving a housing problem when the source of the problem is our failure to build enough houses for the population we always knew we were going to have by this point, she said.
Dr Sathanapally said businesses would say reducing migration was costly because they would not be able to get the workers they need, and universities would be hit by one of the nations most successful export industries.
The care sector will tell you its costly because it affects our aged care workforce and childcare workforce, she said.
If we dont get our housing system right and we cant accommodate the workforce that we need, the working age population we need, that creates all sorts of problems elsewhere.
So even a reduction as such as what the Coalition has proposed of 25,000 in terms of our skilled migration, weve calculated that would cost us more than $200 billion over 30 years and thats because migrants pay more in tax than they take in services.
A housing expert has revealed the true failure of Australias housing problem and has said if the government would reduce migration to solve the crisis, the economy would suffer $200b over three decades (stock image)
In June it was revealed Australia is accepting more than 10,000 immigrants a week despite Anthony Albanese vowing to halve the number of new arrivals by next year.
More than 1,500 new arrivals are arriving each day, or 60 migrants every hour, according to new data from the Australian Bureau of Statistics.
Australia will take in more than 500,000 immigrants in 2024 alone as the population battles a worsening housing and cost-of-living crisis.
An additional 4,200 homes are needed every week to keep up with the current level of growth, however less than 1,000 are currently being built.
The sobering immigration figures came just weeks after the Prime Minister vowed that his government would halve immigration levels within a year.
Sustainable Population Australia president Peter Strachan called for immigration to be cut immediately.
We understand calls for an end to immigration in light of the dire effect that adding a million migrants in two years had on the housing market, as well as on infrastructure and services, he said.
Over the past 20 years, immigration has been far too high, based on the false claim that we lack sufficient skilled workers. The resultant population growth has created more skills shortages than it has filled.
The real reasons for mass immigration are to keep wages low and house prices rising. This is not in the interests of Australians, nor the interests of migrants who are among the disadvantaged for both jobs and housing.
An additional 4,200 homes are needed every week to keep up with the current level of growth, however less than 1,000 are currently being built
Mr Strachan urged net overseas migration to be limited to just 70,000 per year.
Australia is expected to be home to 45million people in 2070 following a push to grow the population by 75 per cent in just a few generations.
We can maintain the refugee intake at 20,000 and still have room for the skilled migrants employers want to sponsor, along with their family members, Mr Strachan said.
However, Australia should stop importing people on points-tested visas, who tend not to get skilled jobs.
The only reason the government does this is to push immigration above the numbers employers want. This drives consumption and GDP up, but productivity and per capita GDP go down.
