Australia’s jobs market can’t absorb Albo’s record immigration


CBA’s head of Australian economics, Gareth Aird, pointed out last month that Australia needs to create an extraordinary 32,000 jobs a month just to keep the unemployment rate stable:

Required jobs growth

This is due to the Albanese Government’s record immigration program, whereby an unprecedented 715,000 net overseas migrants are projected to land in Australia this financial year and next.

Roy Morgan has released its own labour market estimates for May, which show how this record labour supply growth (via immigration) is driving everything up: employment, unemployment, underemployment, etc:

Roy Morgan unemployment estimates

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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.