Bank economists revolt against mass immigration

Tuesday, 30 January 2024

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:

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

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.