Immigration collapse delivers tightest labour market on record

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As we know, immigration has turned sharply negative over the pandemic, with Australia going from importing around 250,000 migrants a year in the 15 years leading up to the pandemic to losing around 120,000 migrants:

Australia's net overseas migration

From immigration boom to bust.

ABC business reporter Gareth Hutchens is one of the few honest commentators to admit that the collapse in immigration is the primary reason why Australia’s unemployment rate has plunged to its lowest level since 2008. This week, Hutchens published his fourth article on the matter (others here, here and here) explaining the situation:

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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.