The impact of the Albanese Government’s record immigration program on Australia’s rental market is obvious to anybody who bothers to look.
Australia’s net overseas migration surged to an all-time high 454,300 in the year to March, driving the nation’s population up by an unprecedented 563,200:
The June quarter national accounts estimated that Australia’s population grew by 626,000 in the 2022-23 financial year, obliterating the May federal budget’s forecasts:
Source: Cameron Kusher (PropTrack)
The impact on the rental market is illustrated by the below chart from AMP chief economist, Shane Oliver, which shows rental vacancy rates falling to a record low and rental inflation soaring:
Source: Shane Oliver (chief economist at AMP)
The situation will only worsen from here given the nation’s population is growing at a much faster pace that new home construction:
Instead of acknowledging these obvious facts, the Albanese Government is busy hiding the problem.
The Community Affairs References Committee has published its interim report into the rental crisis. Look at what the recommendations are:
Now look at what the Committee report says about the role played by the federal government’s extreme immigration:
As you can see, it has played down the impact of extreme immigration by citing the dodgy statement of the Per Capita think tank, which lies: “blaming the rental crisis on immigration does not stand up to scrutiny: net migration numbers are well below the 2009-2019 trend when rents were growing at a very low rate”.
What a pack of clowns. Does this look like below trend net overseas migration?
We are truly governed by grifters and liars that would prefer to cover up the causes of the rental crisis than level with the Australian people.
