In the debate over the appropriate level of migration into Australia, the argument is often made that there would be significant economic downsides if a major reduction in intake were to be realised.
On a very short-term time horizon, that is almost certainly the case.
With 10 out of the last 13 quarters seeing falls in per capita GDP growth and indicators like market sector hours worked flatlining over the last two years, it’s not hard to imagine that, without the artificial boost of a more rapidly expanding population, Australia could see a more significant economic downturn in headline terms.
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