Labor senators earlier this week resisted Coalition proposals to extend the consumer data right; Anthony Albanese offers olive branch to Labor senator Fatima Payman. Follow updates here.
Australia’s plan to halve the number of net migrants entering the country may not be enough to stamp out still-rising inflation, economists say. While several respondents in The Australian Financial Review’s quarterly economist survey said any efforts to curb migration would help relieve high rental prices and take pressure off the labour market, inflation is still not expected to return to target for at least another 12 months.
“Halving the migration intake will certainly suck significant demand from the economy, but also reduce the economy’s productive capacity,” said Matthew Peter, chief economist at QIC. “The net impact on growth is unambiguously negative, but the impact on inflation is less clear.” Jo Masters from Barrenjoey also noted that while migration curbs would result in a contraction in per capita spending, population growth at 260,000 was still little elevated from pre-pandemic averages.
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