Developers lampoon Ponzi Perrottet’s “irresponsible” immigration plan

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Last month, NSW Premier Dominic Perrottet declared himself “someone who believes in a big NSW” and promised to lobby Prime Minister Scott Morrison to significantly lift the migrant intake:

“We’re going to have a real discussion [about] catching up some of those numbers that we’ve lost during this pandemic,” Mr Perrottet said on Wednesday, echoing calls from business groups and aged care and hospital services providers who say they are desperate for staff.

“I’m someone who believes in a big NSW,” he said. “I think that provides greater opportunity and prosperity for people across the state. “It is something we will necessarily address working with the federal government.”

This declaration from ‘Ponzi’ Perrottet came after faceless bureaucrats in the Premier’s department advocated an explosive surge of 2 million migrants over five years (400,000 a year) to boost the economy.

Hilariously, even the Urban Taskforce, which represents “Australia’s most prominent property developers and equity financiers”, has labelled Ponzi Perrottet’s immigration plan “irresponsible”, claiming it would create a “housing price catastrophe”:

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Opening the post-Covid floodgates to immigration without boosting the amount of housing available is “irresponsible” and could lead to a “housing price catastrophe”, industry bodies have warned.

In a year in which the average house price in Sydney has risen by $300,000, those looking to crack the market could face renewed pain amid discussions to ramp up immigration in a move predicted to place more pressure on the state’s dwindling housing supply…

Any increase in demand for housing could lead to a price “catastrophe”, [Urban Taskforce CEO Tom Forrest] said…

“You can’t have immigration without boosting housing supply – that would be irresponsible.”

NSW Planning Minister Rob Stokes also believes Ponzi Perrottet’s immigration push is delusional:

Rob Stokes said talk of increased migration meant “we need to have a mature discussion across all levels of government in order to develop a coherent policy around our population strategy”.

“These decisions have major implications for Sydney and Melbourne, where many new migrants desire to live and have significant impact on how we plan for our city and State‘s growth”.

“There are Federal Government policies on all kinds of things, but we don’t have one on people.

“Without a population policy, the states are left to largely plan for their futures in the dark.”

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When even the vested interest developer’s lobby labels the immigration plan “irresponsible” and risking a “housing price catastrophe”, you know Ponzi Perrottet has lost his marbles.

About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.