I reported yesterday how the Federal Budget has sneakily increased Australia’s long-term net overseas migration (NOM) projection from 235,000 a year to 260,000 a year.
This new projection will arrive after two years of record NOM in 2022-23 and 2023-24, which will see an unprecedented 715,000 net migrants land in Australia over those two years:
This extreme immigration will drive Australia’s population up by 2.18 million in just five years, which is the equivalent to adding five Canberra’s or one Perth to Australia’s current population:
This projected immigration (population) surge has arrived at the same time as the nation’s home building industry is on its knees suffering from widespread insolvencies amid soaring materials prices and financing (interest rate) costs.
These collapses mean there are now fewer builders left standing to supply the nation’s homes in the face of the unprecedented immigration deluge.
The next chart showing dwelling completions against actual and projected population growth encapsulates the extent of the housing crisis facing Australia:
Australia did not build enough homes in the fifteen years of ‘Big Australia” immigration leading up to the pandemic.
Now the housing supply situation is certain to worsen given actual construction levels are falling at the same time as Australia is projected to experience record population growth of between 400,000 and 500,000 people a year.
The Albanese Government’s Housing Affordability Future Fund (HAFF), which intends to help fund 30,000 new social and affordable rental homes over its first five years, is also woefully inadequate.
That’s just 6,000 new social and affordable homes a year against a population increase of between 400,000 and 500,000 – a literal drop in the bucket.
Australia’s housing crisis will only deteriorate further under the Albanese Government’s mad mass immigration policy.
