Treasury boss Steven Kennedy has revealed net overseas migration will miss the government’s own forecasts, heaping pressure on the Albanese government.
Net overseas migration will overshoot the federal government’s budget forecasts as students attempt to stay in the country and New Zealanders leave their weak economy in search of a job in Australia.
“Rather than depart, many migrants have extended their stay by applying for new visas, including permanent visas.” “It’s not unusual for us to see an inflow of Kiwis when their economy weakens more than ours and that has now come into play,” he said. She said Treasurer Jim Chalmers was “fully aware of the inflationary implications of his own policies”.
According to Kennedy, while the Reserve Bank focuses on underlying inflation – which is falling but at a relatively slow pace – most people were benefiting from a sharp drop in headline inflation.cost-of-living pressures for households,” he said.Kennedy revealed Treasury had modelled a series of scenarios based on the result of today’s US presidential election.
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