REA Group Senior Economist Paul Ryan has broken down Peter Dutton’s budget reply, saying what the Opposition Leader proposed regarding migration is “pretty small”.
“He’s proposed a 25 per cent reduction in permanent migrants which is about a 15 per cent reduction in net overseas migration,” Mr Ryan told Sky News Business Reporter Ed Boyd.
“Overseas migration is already forecast to fall down to about 260,000 people a year which is pretty close to what it was pre-pandemic.
“And permanent migrants, they’re the migrants that bring in high-skilled workers, they’re also the migrants that tend to be the biggest beneficiary for the government terms of budget return.
“So there’s a downside to this, it’s not just all positive in terms of housing demand.”
In partnership with REA.
