At least 10,000 foreigners a week, with work rights are entering Australia. So many migrants are coming that the Reserve Bank is having trouble working out what is going on with the economy. Oh, that is not counting the housing and rental crisis, and inflation. ANZ boss Shayne Elliott said, “You have to stand back and forget next year – just think about over the next five years. Everything Western governments, including Australia, want to do is fundamentally inflationary.” Take student visas alone; student visas have increased by 104,000, to reach an all-time high of 673,000. Commonwealth Bank head of Australian economics Gareth Aird said, “Incredibly strong population growth is having a big impact on the housing market, as home building has not kept pace.
“But the boost to labour supply is also helping to push down wages growth, which will ease as unemployment rises next year.”