IMMIGRANTS – ECONOMIC ASPECTS – AUSTRALIA

Labor using population surge for jobs spin

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Original article by Geoff Chambers
The Australian – Page: 2 : 10-Apr-24

The federal government recently claimed that it has created about 790,000 new jobs since it won the May 2022 election. This is an average of 1,220 jobs per day, which Labor says is the highest of any government. However, shadow treasurer Angus Taylor contends that the growth in jobs merely reflects the fact that Australia’s adult population has increased by more than one million people since Labor took office, which is equivalent to an average of 1,369 per day. He adds that immigration is the only thing keeping the economy going at present. Taylor also notes that nearly one million people are now working a ­second or third job due to the cost-of-living crisis.

CORPORATES
AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA

Fitch tips 10pc fall in house prices as immigration weakens

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Original article by Ben Wilmot
The Australian – Page: 15 : 23-Sep-20

Fitch Ratings has forecast that housing prices in Australia will fall by 5-10 per cent over the next 12-18 months. The credit ratings agency says the reduction in net immigration due to COVID-19 travel restrictions and the resulting impact on population growth will weigh on the residential market; it also warns that the restrictions are unlikely to be eased well into 2021. The National Housing Finance & Investment Corporation recently estimated that underlying demand for new houses and apartments could fall by up to 232,000 over the next three years as a result of the coronavirus.

CORPORATES
FITCH RATINGS LIMITED, NATIONAL HOUSING FINANCE AND INVESTMENT CORPORATION – ASX NFI

Migration a net boost to economy

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Original article by Simon Benson, Sam Buckingham-Jones
The Australian – Page: 1 & 6 : 17-Apr-18

The Treasury and the Department of Home Affairs have released a report which highlights the economic benefits of Australia’s immigration policy. It concludes that at current levels, the nation’s permanent migrant intake will boost average GDP growth by between 0.5 per cent and one per cent annually over the three decades to 2050. Amongst other things, the report estimates that skilled migrants who were granted permanent visas in 2014-15 will make a combined net contribution of $A6.9bn to government revenue over their lifetime. Treasurer Scott Morrison says the report supports the government’s policy of not having a fixed annual permanent migrant intake.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF HOME AFFAIRS, LIBERAL PARTY OF AUSTRALIA

Keep home-building level high, association says

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Original article by Michael Bleby
The Australian Financial Review – Page: 31 : 9-Apr-18

The Housing Industry Association notes that 2016 was a record year for new house construction, with 230,000 being built, and that this rate of construction needs to be maintained for the next two decades. The HIA states this level of construction is needed to meet demand levels and to help maintain housing affordability. The HIA also wants immigration levels to be maintained, in order to offset the impact of Australia’s ageing population and falling birth rates.

CORPORATES
HOUSING INDUSTRY ASSOCIATION LIMITED

Migrants shun state as reality hits home

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Original article by Andrew Burrell
The Australian – Page: 2 : 22-Nov-17

Many skilled migrants who came to Western Australia to take advantage of its resources boom have ended up in jobs that require less skills. This is due to the boom having ended at around the time they arrived, while others moved to other states in an attempt to find jobs more in line with their skills. A study undertaken by the Bankwest Curtin Economics Centre and released on 21 November has found that over half of the skilled migrants that came to WA and are still there are working in lower-skilled jobs. The study concludes that the poor utilisation of migrant skills is an issue that Australia as a whole needs to deal with.

CORPORATES
BANKWEST CURTIN ECONOMICS CENTRE, AUSTRALIAN BUREAU OF STATISTICS