The level of immigration must be cut to less than half its current 500,000 level to avoid overwhelming efforts to boost supply, says AMP chief economist Shane Oliver.
“Without addressing the high immigration level, I find it hard to see how we can resolve the housing shortage and affordability issue anytime soon.”
“I think you need to slow immigration back to 200,000 a year, say over five years, to allow breathing space for supply to catch up, particularly with the government programs to increase the supply of affordable and social housing,” he said. “So it’s impossible to escape the conclusion that immigration levels need to be calibrated to the ability of the home building industry to supply housing. This is critical.”last week, that the labour force was not “there” to build enough homes to satisfy higher levels of demand.
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