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The Barefoot Investor has criticized rising immigration levels and questioned why Australia is welcoming record income amid a crippling housing crisis.
Scott Pape, in his weekly columnsaid the rental market in Australia is “fundamentally broken” and rental affordability is “officially the worst on record”.
“Therefore, a good question for our politicians would be: ‘Why are we currently bringing in 2,000 new immigrants a day (659,800 in the last year) when the rental market is in crisis?'” he wrote.
The author and financial expert told his readers he was “not anti-immigration” or “xenophobic”, but added that the continued influx of foreign workers to fuel economic growth would put even more pressure on property markets.
The barefoot investor fears rising levels of immigration to Australia will only exacerbate the country’s devastating housing crisis.
National rental vacancy rates in January were just above historic lows of just 1.09 percent.
“Our politicians like to boast that we are the ‘lucky country’ that hasn’t suffered a recession for a record 34 years,” he wrote.
‘So let’s take a look at how all this manufactured growth affects housing… The rental market in this country is fundamentally broken.
‘Yes, there is more to solving the real estate crisis than immigration: there are tax exemptions that favor investors, a real lack of supply and more social housing to build.
“However, the fact is that, as things stand, overseas arrivals are outpacing new housing construction by almost four to one.”
The Treasury has previously warned that the alternative to high immigration would be even higher income taxes, as those over 70 will make up a larger proportion of the population in the coming decades.
The Institute of Public Affairs, a libertarian think tank, estimated that a record 31 per cent of Australia’s population has now been born overseas – more than double the US level of 15 per cent and the UK’s 14 per cent. United.
National rental vacancy rates in January were just above record lows of just 1.09 percent (file image)
A record 518,000 migrants, on net terms, moved to Australia in the 2022-23 financial year. This figure dropped to 447,790 at the end of last year.
It is also significantly higher than Canada’s 21 percent and New Zealand’s 29 percent.
A record 518,000 migrants, on net terms, moved to Australia in the 2022-23 financial year. This figure dropped to 447,790 at the end of last year.
But before taking into account long-term departures, almost 1.1 million foreigners moved to Australia permanently and long-term in 2023, data from the Australian Bureau of Statistics revealed.
Both Deloitte Access Economics and Treasury expect Australia’s overseas intake, which covers skilled migrants and international students, to fall to 375,000 in 2023-24.
This would still be almost double the pre-pandemic level of 194,400 in 2019-20, before Australia went into lockdown from March 2020 to December 2021.
Prime Minister Anthony Albanese had originally planned to return immigration rates to their pre-Covid levels to boost the economy.
More recently, with migrant arrivals rising to unsustainable levels, his government has pledged to cut immigration in half over the next two years.