The coronavirus crisis has cut Australia off from the world.
And our population growth is about to slow dramatically.
This is going to affect our property market and slow economic growth by up to 2%.
Every time we have an economic downturn, immigration becomes a topic of great interest.
And with the likelihood of unemployment rising to over 10%, the discussion has become even more vocal.
In today’s show, I discuss the political, economic, and property implications of immigration with our regular guest, leading demographer Simon Kuestenmacher.
You may be surprised by what his research suggests will happen to immigration, and the information may help you shape decisions going forward.
Highlights from my talk with Simon:
- The variables Simon had to consider when looking at the consequences of the decrease in immigration.
- The idea is that by 2030, Australia will still have grown, but by one million less than they could have without the pandemic.
- So far, Australia seems to be getting through the pandemic with very few deaths, so there isn’t currently a need to alter the death rate predictions.
- Over the next year or two, the demand of the labor market will be able to be filled with people who are already in Australia.
- But after a year or so, Australia will hit the wall again and new talent will need to be brought in.
- The demographics of the missing million.
- How those missing demographics affect businesses.
- How temporary visa holders will be affected.
- The jobs that are servicing the property and construction industry will be suffering the most from decreased immigration.
- Infrastructure spending.
- Millennials finally in the family formation stage of the life cycle, which should be a positive for property and the economy.
In these challenging times why not get the team at Metropole to build you a personalised Strategic Property Plan – this will help both beginning and experienced investors.
Some of our favourite quotes from the show:
“I think there’s other benefits for infrastructure spending as well. We use local resources, we create local work, but it also leaves a legacy for the future.” – Michael Yardney
“It looks like now we’re banding together from both sides of parliament, both sides of government, and wanting to build a new, stronger Australia.” – Michael Yardney
“In order for you to grow stronger, part of you must die.” – Michael Yardney
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