‘Supply and demand’: Government ‘fire-hosing’ nation with immigration intake

MacroBusiness Chief Economist Leith Van Onselen says house prices are rising with inflation due to the government “fire-hosing” the nation with immigration.

“The reason why we’ve got rising house prices in the face of massive interest rate hikes is because the federal government is basically fire-hosing the nation with extra people,” Mr Van Onselen told Sky News host Andrew Bolt.

“Just last financial year we added about 500,000 net overseas migrants to Australia.

The Australian Financial Review on November 9 detailed that Australia has recorded the biggest income decline in the developed world.

Mr Van Onselen sat down with Mr Bolt to discuss inflation and Australian home ownership.