'These effects will be both immediate and longer term': Top economists are split over whether the federal government should intervene to bolster the nation's falling population growth rate
Top economists are split over whether the federal government should intervene to bolster the nation's falling population growth rate as debate swells about policies to attract more migrants when many Australians are unemployed.to restrictions on international arrivals to Australia to stop the spread of the coronavirus pandemic, leading to the biggest fall in population growth since World War I.
AMP Capital chief economist Shane Oliver said the drop in population growth from 1.6 per cent a year to 0.6 per cent, partly due to the collapse in immigration from international travel restrictions, could knock 1 percentage point off annual growth. This would largely be due to 80,000 fewer homes needed and less consumer spending.
Prof essor Madsen opposed policies to bolster population growth, saying it would not help per capita income growth, risked elevating house prices and increased the country's carbon footprint. "It will also mean lower revenues for the government and will force a reassessment of the services and infrastructure needed," she said.
Professor Mitchell said slower population growth would allow the government to deal with the housing crisis, gridlocked capital cities and urban infrastructure under strain.
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