As homeless bodies pile up, real wages plummet at their fastest pace on record, and the state’s drown in infrastructure debt, Australian Treasury secretary Steven Kennedy has hailed the record-breaking rebound in net overseas migration (NOM) for preventing Australia’s GDP from turning negative.
“Strong growth in migration will support the economy in the near term. The recovery in tourism and international education will offset some weakness in domestic demand”, Kennedy said.
“This strength in migration and population growth is expected to be temporary, with migration forecast to largely return to normal patterns from 2024–25”.
