Immigration rates weaken Aust economy

Business

AUSTRALIANS continue to go backwards on many measures of income and wellbeing as high immigration rates see the nation’s weak economic growth split between more people.
A report by Commonwealth Bank senior economist Gareth Aird found that Australia’s high immigration intake was papering over economic weakness in headline figures. But when one breaks down those numbers per person, a bleaker picture is revealed.
“Per capita measures of the economy suggest that growth in living standards has stagnated and for some sections of the resident population, in particular younger people, it has gone backwards,” he said.
This weakness is reflected in many aspects of living standards: from stubbornly high under-employment and weak wages growth to surging home prices and debt, as well as an increase in urban congestion. – ABC

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