Job Creation a Mirage: Tech CEO Calls for 90 Percent Cut to Migration to Slow Housing Bubble

Australian tech CEO Matt Barrie, the founder and CEO of Freelancer, a freelance marketplace website with over 75 million users, believes that Australia should consider reducing international migration by 90 percent to address the “massive housing bubble” and unemployment in the country. Speaking at an event in Brisbane, Barrie highlighted that migration was the main factor behind unreasonable housing prices across Australia, citing data that shows Australian house prices have skyrocketed by 110 times since 1956. He emphasized that in cities like Sydney, it would take an individual 46 years just to save for a deposit, making it unattainable for many. Barrie also pointed out that the current fertility rate in Australia is below the replacement rate of 2.1, indicating a declining population growth. Despite a significant number of homes being built each year, the housing supply is unable to meet the demand, leading to rising costs. Barrie stressed that migration is the root cause of Australia’s housing issues and called for a drastic reduction in migrant intake to alleviate the crisis. He expressed concerns about job creation in Australia, stating that the economy is struggling to provide enough jobs for immigrants, with most new jobs being in industries like healthcare and social assistance. To address these challenges, Barrie urged the government to review the immigration system and make substantial cuts to migration levels for the benefit of Australian citizens. Could you please rephrase that?

Source link