Australia’s Housing Crisis To Worsen
The Property Council of Australia seems satisfied with the cyclical economic results in the Federal Budget. However, it has warned the government to focus on housing crisis investment and better planning in the country, like its targeted approach to migration.
The budget also sheds light on the potential of net overseas migration (NOM) over the next five years, adding up to nearly 1.5 million people. However, the housing supply crisis in Australia is expected to worsen, as revised forecasts show a change in growth from minus 1% to minus 3.5% in 2023 and 2024. Significant drops in investment levels are also predicted.
While Property Council Chief Executive Mike Zorbas applauded the government’s decision to boost skilled migration, he stated that the housing issue can hinder the flow of skilled migrants and affect the standard of living for all Australians.
Mr. Zorbas seems concerned about investment in housing since the budget doesn’t have any confirmations related to it, even though it covers other areas, like city policies, build-to-rent housing, and energy efficiency incentives, thoroughly.
It is safe to say skilled migrants have always played a significant role in the growth of Australia’s economy because they fill job vacancies in several important industries and contribute greatly to the country’s economic development and society
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