Australian Business Groups Push Back on Coalition Migration Cap
Australian employer groups have pushed back against the opposition Coalition's plan to tie the annual migration cap to new housing supply. Spokesperson Angus Taylor defended the proposal as business warned the country's existing labour shortages would deepen.
Australia's conservative Coalition has unveiled a new fiscal framework that ties the annual net migration cap to new housing supply. Under the proposal, permanent migration intake would fall sharply unless housing supply accelerates.
Coalition Treasury spokesperson Angus Taylor said the plan would move in step with house prices and rents. Business groups warned that chronic labour shortages in construction, retail and health would only become more severe under the plan.
Fiscal analysts noted that the policy could ease wage pressure in the labour market but could also damp economic growth. The Australian dollar held in a narrow range after the news, while the ASX 200 closed slightly higher on the day.
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