Over the weekend, Terry McCrann attacked Australia’s immigration economy, labelling it a “Ponzi” scheme and imploring policy makers to develop a “new and very different Australia”:
For the past 20 years, our economic growth and prosperity has rested on three foundations. They were immigration-driven developed world record population growth; property and infrastructure construction; and China, buying our iron ore and coal and selling us seemingly ever-cheaper consumer goods…
Like all addictions — and I’m talking about the broader one, around the population Ponzi, supplanted by the cheap money — they eventually run too far ahead of the drug. That was clearly happening before the virus hit.
