Deloitte macroeconomist, David Rumbens, has called on Victoria to entice more overseas migrants to the state in order to “avoid the recession threatening to engulf the UK and Europe” [my emphasis]:
We predict [Victoria’s gross state product] growth will fall to just 1.4 per cent in 2023-24, well below the 2.25 per cent growth rate earmarked in the budget…
What will get Victoria through the choppy economic outlook is people power. Victoria’s decade before COVID-19 was characterised by a rate of population growth much faster than the national average – creating not only a larger economy but growing the per capita wealth of Victorians.
