One of Australia’s biggest property developers says slashing permanent migration as a way to fix acute housing shortages will only exacerbate the problem.
as a way to fix acute housing shortages will only make the problem worse, driving away desperately needed skilled migrants while damaging long-term productivity and economic growth., responding to the key policy announcement in the opposition leader’s budget reply speech.
The turn to populist appeal in Mr Dutton’s speech on Thursday night taps into growing voter anger about housing shortages, and cost-of-living and population pressures. “All of the growth in net overseas migration numbers has been effectively coming through the temporary visa streams. That’s where the pressure is,” he said.
It would put a two-year ban on foreign investors and temporary residents purchasing homes in Australia. “Our priority should always be to equip Australians with the skill sets needed to power our future, though we know we simply don’t – and won’t in future – have enough people to fill all the nation’s skills gaps,” Mr Black said.
“Foreign investor purchases of an existing property are not a substantial driver of rising house prices in Australia. It’s as simple as that.”Mr Coates said Mr Dutton’s proposal to cut the permanent migration program would not materially change net overseas migration, since 60 per cent of people granted permanent residency were already in Australia.
“It’s, quite frankly, poor policy. If you want to control migration in a way that matters, you need to do you need to do it by targeting net overseas migration, and the temporary visa system is the biggest driver of that,” Mr Cacho said. “I urge the Labor Party and the prime minister, don’t get sucked in by the racist trope from Peter Dutton,” Senator Hanson-Young said.“Don’t think that being in the race to the bottom over immigration is going to win you anything.”Polls suggest cuts to migration and limits on overseas property buyers will be popular with voters at the next election.
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