Bank economists revolt against mass immigration


The main cause of Australia’s rental crisis is obvious: a record increase in the country’s net overseas migration, which saw an unprecedented 518,000 net migrants arrive in 2022-23:

Historical NOM

This spike in population demand has resulted in historically low rental vacancy rates and skyrocketing rental prices:

Rental market summary

Source: Shane Oliver


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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.