Property Council CEO demands more immigration, whinges about supply

Property Council of Australia chief executive Ken Morrison has again called on the federal government to ramp-up immigration to “normal” levels:

Population growth was one of the most important factors underpinning sectors across the economy including property and a clear focus on the need for population growth to resume was key, Mr Morrison said.

“In an election year, it is important to be overt with people about the benefits of resuming a normal level of net overseas migration and therefore migration growth, to the community”.

There is nothing “normal” about the 15 years of pre-COVID break-neck immigration, which was nearly triple the historical average:

Australian population change and immigration

Hilariously, just last month Ken Morrison complained that Australia faces a housing “supply crunch” when immigration is rebooted:

Property Council of Australia Chief Executive Ken Morrison said the [state of the nation’s housing market] report shows that as the economy and Net Overseas Migration recovers, the demand for new households will outstrip supply.

“The projections in this report are concerning, and mirror the same warnings the Property Council of Australia has been making for some time,” Mr Morrison said.

“The report clearly shows that between 2025 to 2032, Australia will find itself 163,400 homes short of expected demand,” Mr Morrison said.

“That’s an average deficit of 20,000 homes a year, every year, until 2032… That can’t be good for housing affordability,” he said.

All of which shows that the Property Council speaks with a forked tongue, continually pumping demand via immigration and then whining about the resultant housing supply squeeze.

Mass immigration is the ultimate Ponzi scheme, with the property industry privatising the gains while the costs are socialised on the existing population via funding the increasing infrastructure needs (water, power, transport, recreation facilities etc), as well as suffering the downsides via increasing congestion, being crammed into defective high-rise apartments, and lower wages.

Exorbitant property prices in the migrant epicentres of Sydney and Melbourne have prevented nearly an entire generation from owning a home, while consigning the rest to a lifetime of mortgage servitude and shoe-box living.

Therefore, restoring mass immigration – a key demand driver – would significantly erode housing affordability, in addition to consigning more people into living in tiny apartments.

Sadly, in the unrepresentative democracy of Australia, our politicians and media always bend the knee to vested interests in the property, business and edu-migration lobbies, rather than representing the Australian people, who are overwhelming against mass immigration.

We are the housing equivalent of a narco state, after all.

Unconventional Economist

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