The housing industry has warned a cut in migrant numbers could force the Reserve Bank into slicing interest rates to prop up a struggling property market that is already facing a 15 per cent drop in new home starts this year.
But HIA chief economist Tim Reardon said there had been a sharp drop-off in starts through the later stages of last year which was continuing into 2019. "The downturn in the level of home building activity will be contained to the next two years, as long as migration policy is not tightened further," he said.
Commonwealth Bank economist Gareth Airs said lending to investors and owner-occupiers was in decline, adding that internal bank lending data pointed to continuing falls this year.
swrighteconomy Haha. Australia has successfully maneuvered itself into a dead end street it can't escape. This is the result of a policy which replaced the mining investment boom with an apartment construction boom instead of promoting high quality manufacturing and other advanced technologies
swrighteconomy Oh goody. Then the infrastructure mau be able to catch up.
swrighteconomy During Scomofos reign as treasurer he stated the same, then as immigration pulled numbers. & people wonder why there’s no trust
swrighteconomy So we we are captured by vested interest and ridiculous policy coming of the mining boom, borrowed money to stimulate an economy on household debt.
swrighteconomy Australia CANNOT keep 'importing' more consumers, who will become MORE old age pensioners, to create MORE demand, in a never ending cycle of MORE! That is stupidity compounded! Services HAVE NOT kept pace! Water, food, medical... Kicking the can down the road, politician style.
swrighteconomy Migration is being cut drastically right now. I predict this June will be the lowest intake of permanent residents in the last 10 years.
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