Stop playing skills shortage ‘whack-a-mole’


As we all know, Australia’s population increased by 660,000 in the year to September 2023, driven by net overseas migration of 549,000.

Australian population change

However, throughout the same period, we constructed only 155,600 dwellings (net of demolitions), which means we created just one home for every 4.24 new residents.

Rental vacancy rates

This explains why the nation’s rental vacancy rate has dropped to a historic low of around 1%, while rentals have risen by 38% since the beginning of the pandemic.

Median advertised rents

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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.