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This month, Westpac estimated that net overseas migration (NOM) hit a record high 400,000 in calendar year 2022, which “helps explain the significant tightening in rental markets and sharp escalation in rents”.
This extreme immigration has been driven by record numbers of student visas.
A month ago, first assistant secretary of the Department of Home Affairs, Michael Willard, said that the federal government had finalised a record 217,000 overseas applications for student visas in the second half of 2022, after the government boosted its visa-processing workforce by around 500.
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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.
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