The National Housing Finance & Investment Corporation (NHFIC) had forecast in February that some 550,000 new homes will be built over the next three years.
However, CEO Nathan Dal Bon warns that higher borrowing costs due to rising interest rates will slow construction activity in the housing sector at the same time as the Albanese Government’s ‘Big Australia’ mass immigration push will add significantly to housing demand.
“With supply expected to come off earlier than anticipated, coupled with stronger population growth, we could see a larger supply gap emerge over the next few years,” Mr Dal Bon told a Customer Owned Banking Association audience.
It’s a grim prediction for an already-difficult situation. Nationwide rental listings that have already slumped to record lows…
As noted yesterday, net overseas migration (NOM) hit its highest ever level in the March quarter, with a record 96,200 net migrants arriving:
Highest ever NOM in Q1.
The Albanese Government used this month’s Jobs & Skills Summit as a trojan horse to ramp immigration to unprecedented levels via:
- Lifting the permanent non-humanitarian migrant intake to a record high 195,000 a year;
- Turbo-charging temporary migration by:
- Expanding work rights for international students by:
- Uncapping the number of hours international students can work while studying for another year; and
- Extending the length of post-study work visas by two years.
- Committing to clear the ‘backlog’ of “nearly one million” visas awaiting approval.
- Expanding work rights for international students by:
The former Morrison Government’s uncapping of international student working hours has already seen a huge lift in student visa applications from India and Nepal. And Labor’s maintenance of this policy, combined with its two-year extension to post study work visas, will only turbo-charge international student arrivals even more.
Labor advertisement on visa ‘backlog’.
Combined with lifting the non-humanitarian permanent migrant intake by 35,000 to a record high 195,000, and the moves around student visas, clearing this visa ‘backlog’ will inevitably lead to an unprecedented surge in NOM next year and beyond.
Where will the hundreds of thousands of extra new migrants live when there is already a chronic shortage of homes for the existing population?
Sadly, Anthony Albanese cares more about lining the pockets of Big Business and the education-migration industry than the welfare of ordinary Australians.
His Big Australia policy is an inequality disaster in the making that will inevitably lead to an even tighter rental market, soaring rents, and a rapid increase in homelessness.
With friends like Anthony Albanese’s “Labor”, the working class sure doesn’t need enemies.
