On the one hand, the budget’s looking good (for now). But on the other, the economy is looking downright nasty.
While the economy slows, inflation will remain high. The Reserve Bank on Friday forecast inflation for the coming financial year of 3.6 per cent after 6.3 per cent in 2022-23.will be positive for the first time since early 2021.
Anyone facing the rental market could rightly claim this surge of people is the culprit behind the huge jump in rents across the country. Without these migrants – mostly international students and backpackers – the economic outlook would be far worse. They will supply desperately needed labour while increasing demand for goods and services from the nation’s businesses.
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