CommSec senior economist, Ryan Felsman, has broken rank and linked high immigration levels with slow wage growth:
‘So why is wage inflation contained, despite strong job creation? The simple answer is that Australia has an excess supply of workers,’ he said.
‘Population growth remains elevated and workforce participation has lifted to record highs, driven by a surge in females and older Aussies.’
Australia’s net immigration pace for 2019, with departures factored in, stood at 294,310, ABS data released on Tuesday showed.
While that annual tally was below the all-time high of 353,480 set in April 2009, it was still more than triple the 20th century average of 70,000, which had lasted until the late 1990s.
Welcome to the club, Ryan Felsman. Hopefully your honest observation won’t cost you a promotion.
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