Economists are saying high levels of migration are masking Australia’s recession after new figures show the economy is growing weakly overall but shrinking per person.
The Australia Institute’s chief economist Greg Jericho explains.
#Recession #Economy #Australia
39 Comments
Not a politician but can’t see were migrants and refugees on welfare can resolve it
For once the project reporting the truth
its true everytime they lifted the rates less people spend
the resesion is going to be given to liberals and they going to be blamed for it
All Albo cares about is flooding Australia with Indians (soon to be the number 1 culture coming to Australia) when Aussies are struggling to find housing and jobs. He also wants to donate tax payers money overseas, so he can look like the big man on the international stage!
Chalmers technically isn’t incorrect.
Everyone bashing the government, I ask you what more do you think they could do?
OZZIES ARE LAZY UNPRODUCTIVE EXPENSIVE
Linking interest rates to inflation doesn’t work all time. It may be theoretically true but not always. You need to look at the other factors such as suppliers taking undue advantage and increase prices beyond the actual cost increase. You can see from the profit increasing of all big players. Govt should take steps for this kind of factor.
Also increasing wages doesn’t help either. It boosts inflation more. Eg. If wages increased then cafe needs to increase coffee price. Govt should find the balance.
Australian house prices are way, it will be impossible for renters to save enough money to get 10 percent deposit. By the time they save it, it will become 5%. I think we will start seeing reverse immigration. Once can buy a condo in Asian country for the deposit you give for a house in Australia . Some countries don't allow you to own home but 90+ years lease etc but the young generation is different. They are not even having kids, they don't care about passing it down to their children .
Cut rates yes,but inflation is sticky.
A lot of it has to do with government spending and rising energy costs.
So the reserve bank won't reduce rates until the government backs off on spending.
If inflation persists because of excessive government spending the reserve bank will increase rates until the government gets it.
Its a stalemate.
If it's ok to say "immigration" on The Project, then the tides are truly turning
No Greg, it's not interest rates rises that did it. It's prices rising in the cost of living across the board by approximately 60% since late 2020. Including real estate values!
Everyone loved the cheap money, but no one loves paying it back at a normal market rate which will usually be about 3% higher than inflation. The inflation was caused by a swell of cheap money.
We aren’t. Negative GDP per capita
Don't worry, some of us recent migrants are exiting the country. The Labor Party and unelected bureaucrats at the RBA have done a masterful job of wrecking the Australian economy and burying people who work for a living.
It is not just the interest .it is the petrol price, the insurance, the cost of living, the council, the water rate.
What do you think happens when a housing bubble is created? It’s never sustainable in the long term. All that extra money ends up feeding the banks instead of being invested in the economy.
The blame rests mostly on the federal government followed by big companies price gouging and government inaction to oppose this practice. This guy is a joke blaming the RBA.
I can’t get a parking spot during the weekday too many well skilled migrants shopping and drinking coffee
IR arent high, HOUSES ARE OVERPRICED
It is very nice for Japan to import a lot of Japonica rice from the US and a lot of meat from Australia and to become an important parts supplier to Germany, right?
China is an unreliable economic power. Australia is getting too close to China.
In order to diversify risks, Australia has to increase the number of export destination countries, mainly Western developed countries. Australia has to choose countries for its exports which each emphasizes stability in its own economic policy.
An overpaid RBA on the breadline would help the Aussie battlers no doubt
Amazing video, I noticed that most people work for 40yrs to have $1M in their retirement, meanwhile some people are putting just $10k to $50k into trading from just few months ago and now they’re multimillionaires..,
It's inflation smashing the economy, not higher interest rates. The higher interest rates are there just to (belatedly and inadequately) cope with inflation.
Who print so much money, the liberal government
NEED MIGRANTS TO DO THE WORK AUSTRALIANS LAZY TO DO
stop immigration. hardly an aussie in sight when u go out lately.
Can I say you something in my latest visit to Australia
1. No money in the ATO or Tressure.
2. I don’t know anything about state government but Melbourne no money left for any development. They are looking for an investors.
3. The main economy running in international education and private higher education.
3. In come development inside Australia is very week.
4. Exports are low compare to imports.
5. It’s should be on the other way to improve economy. The gap between the Exports minus Imports are the main factor for economy improvement. Most of the migrants bring their own products to the country that means import is increasing and the gap become zero or minus. If it’s minus it will directly affect the economy. The migrants earning money in Australia and spending money in their own country. So Australian dollar is going out.
Australia needs to invest in wealthy English-speaking immigrants keen to open businesses here with a mindset to employ Aussies of all cultures not JUST THEIR own cultres. That is pretty clear
This is complete fraud. Immigration does nothing to raise GDP per capita. It raises overall GDP while reducing the wealth of each individual Australian.
Just like Canada. Total collapse in per-capita GDP and the government can't wallpaper over it anymore with mass immigration.
Why say our RBA rate is high? It is lower than The US Fed rate, lower than the UK's Central Bank rate, and is comparable to the Canadian Central Bank rate. The trouble with the Australian economy is our low productivity.
We in RECESSION NOW started 18 months ag0
Chalmers is 'soft and subdued'
Groceries are still going up every week even after the enquries. 2kg sugar $5 last week. I don't eat bikkies but Timtams are up to $6 a pack and cheaper for my mate to buy in Canada after being exported there!!
The lower the interest rates, the more disposable income there will be!