A fall in migrants during the pandemic is causing a sharp drop in housing demand, with the sector urging the government to create a migration plan and extend HomeBuilder incentives.
Evidence from the global financial crisis suggests economic factors such as the unemployment rate and the exchange rate are also important for international students in selecting Australia.
The past two recessions also show rising unemployment tends to lead to a decline in natural population growth.Property Council chief executive Ken Morrison said the report painted a scenario that cannot be allowed to happen."A roadmap for restarting our migration program should be a top priority for national cabinet."
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