It’s obvious that Australia’s mass immigration program is a giant scam perpetrated by the politico-housing complex. But it is an interesting thought experiment to treat is as considered macro policy versus the alternatives. So let’s do it.
In 2011 Australia joined the secular stagnation that now rules unchallenged across developed economies worldwide. This malady is complex but still basic enough in its drivers to understand: declining demographics, debt saturation, inequality and de-industrialisation each in their own way kill income growth via higher costs, oversupply, demand deficit and declining productivity.
Other Western economies have mostly tried to address secular stagnation via monetary policy. In particular central banks have turned to quantitative easing (QE), or money printing, to deliver simultaneous growth and deleveraging. More recently fiscal stimulus has joined the effort.
