In this week’s episode of The Treasury of Common Sense with Radio 2GB’s Luke Grant (audio below), we discuss the Federal Budget’s sneaky permanent lift in Australia’s net overseas migration (NOM) projections:
This record immigration program is projected by the Federal Budget to increase Australia’s population by an eye watering 2.18 million people over the next five years, which is the equivalent to adding five Canberra’s or one Perth to Australia’s current population.
This unprecedented population growth will obviously make solving Australia’s housing shortage an impossible task for the simple reason that there is simply no way to build enough homes for that volume of people.
Worse, with the building industry is currently on its knees suffering collapses left and right.
Actual construction volumes are falling at the same time as the population is surging:
The inevitable outcome is a worsening housing crisis as the growth in new homes continues to run below the growth in the dwelling stock.
I also mention to Luke Grant that Labor’s 30,000 social and affordable homes over five years won’t even touch the sides given the projected 2.18 million increase in Australia’s population over the same period.
The topic will be all too familiar to readers of MB.
I am trying to spread to word more widely that the Albanese Government’s extreme immigration policy will make Australia’s housing crisis intractable.
