Everybody with a modicum of common sense and not captured by vested interests would recognise that the surge in net overseas migration (NOM) is behind the record tightening of the rental market and the surge in rents.
The data is black and white.
Annual net overseas migration has surged to unprecedented levels of around 500,000:
This surge in NOM has been associated with a collapse in the nation’s rental vacancy rate to record lows after rising at the beginning of the pandemic when NOM collapsed:
Source: CoreLogic
Rental inflation has similarly surged after falling at the beginning of the pandemic when NOM collapsed:
Despite these obvious facts, the Senate Community Affairs References Committee has released its final report on “The worsening rental crisis in Australia”:
Unbelievably, the report doesn’t mention the impact of immigration until page 201 in the “Additional Comments by Coalition Senators”:
Nor does “reducing immigration” get a mention in the report’s recommendations.
The proof is here in black and white: Australia is governed by corrupt clowns that refuse to address the immigration elephant crushing Australian renters.
