A smaller Australia would come at a high cost in jobs, houses, prosperity and security.
Australia is in the midst of a population stall. A nation of migrants in search of wider horizons, with 30 per cent of its population born overseas, could now have 1.5 million fewer people than expected by the end of the decade.released by the federal government yesterday shows the lowest population growth in a century. The net inflow of 193,000 people in the year before the pandemic, 2019-20, became an outflow of 100,000 in the last financial year.
But RBA governor Philip Lowe noted in the same breath last July that turning off the tap of foreign labour also means “less investment, less confident business, less output, less capital stock, and a less dynamic economy”. With Australia stuck in a vice between pandemic debt, ageing and a falling birth rate, migration is one of the few solutions.To its credit, the federal government has not stepped back from allowing in 200,000 existing skilled and student visa holders.
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