Senior property leaders have warned that another housing crisis is being “baked in” with state and local government planning bottlenecks choking the supply of new homes.
But as well as shortages in materials, it is a labour squeeze that is being felt keenly, and not only in the construction sector. The lack of workers was one of the factors driving prices higher which was singled out by the RBA on Tuesday, forcing its hand on monetary policy. And it’s why property leaders are pushing hard for a swift boost in immigration levels.
“Immigration, bringing in targeted skilled migrants urgently, is what’s required because there’s real bottlenecks in many parts of the economy, whether it’s construction, hospitality, tourism, you know, IT, finance, legal. Whether it’s white-collar or blue-collar work, there are real bottlenecks.”Official figures show overseas migration fell to its lowest level since World War I, contributing a net loss of 89,000 to the population in the 2020/21 year.