#BREAKING Reserve Bank officials have directly linked mass migration to the housing affordability crisis and fear the disastrous budget will only push prices higher.
The RBA’s policy experts were critical of Albanese’s policies such as Labor’s Help to Buy share equity initiative and an expansion of a scheme allowing people, including non Australian citizens, to buy a house with a 5 per cent deposit.
Net migration was running at record highs last term and has gone even higher this term with a record breaking 96,110 people permanently migrating to Australia in February this year, alone.
That is 3,433 people a day.
Asked about the RBA fears, Housing Minister Clare O’Neill, apparently detached from reality said, “this Labor government is unarguably the most ambitious on housing in 70 years”
She then bragged that the Government “supported” 420,000 new homes.
At 96,110 people arriving per month, that number won’t even scratch the surface.
Not to mention the clogged roads.
It now takes an hour to drive 5km in some parts of Sydney.