• old_tire@aussie.zone
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    4 hours ago

    Immigration is a factor. The private- and government-sectors have not been building enough dwellings for the domestic market as is [i]and[/i] they’ve been increasing immigration. Immigration as it stands is government policy to dampen wage-growth. The domestic population’s decline is probably on the government’s mind too. An economy, apparently, can’t be run by geriatrics. It needs young, fresh labour to be bled dry.

    Turning the tap off on immigration won’t fix the issue. It’s obvious nonsense to state that, but it’s likewise nonsense to state immigration is not a factor that affects the domestic market. If immigrants had no effect then why would a government import foreign labour? Again, it’s part of it, but it’s probably a very small part of it.

    It’s also nonsense that the media harp on about potential rate-cuts. Going to near negative rates was an absurd experiment that won’t be repeated. (Rater, should not.) The result of that was a ballooning of fictional wealth in the value of assets held. Moderate to high rates will be with us for years, until wages increase and a more stable market emerges. Otherwise it’s back to clown town.