The Property Council of Australia today welcomed the strong, cyclical economic results in the Federal Budget but warned the government must match its targeted approach to migration with the same focus on housing investment and better planning across the country.
The budget highlighted the strength of net overseas migration (NOM) over the next five years, amounting to almost 1.5 million people, but also the extent of the housing supply crisis in Australia, with dwelling investment levels predicted to drop significantly, revised down from a forecast minus one per cent growth to minus 3.5 per cent in 2023/24.
Property Council Chief Executive Mike Zorbas said the government’s decision to increase skilled migration was a positive one, but warned the issue of housing lingers as a major handbrake on the necessary flow of skilled migrants and the quality of life for all Australians.
“Reviewing the budget: growing our national skills base to keep the economy firing, tick, build-to-rent housing, tick, cities policy, tick, energy efficiency incentives, tick. Investment in housing, question mark,” Mr Zorbas said.
“Skilled migrants have been central to Australia’s economic success story for generations, filling critical job vacancies in important sectors, and making valuable contributions both economically and socially.”
