Labor MPs profit as they drive Aussies into homelessness

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The BBC of all places has tackled the prickly issue of the rise in Australian homelessness:

BBC homeless

“[Mary] is one of the roughly 122,000 people who are homeless in Australia on any given night, according to data from the country’s bureau of statistics”.

“A recent government report says that 40% of renters on low income are now at risk of joining that cohort”…

“In recent years, record house prices, underinvestment in social housing, a general shortage of homes and drastically climbing rents, have left much of the nation’s growing population struggling to find a place to live”…

“Homelessness services around Australia have reported a jump in demand amid a national housing crisis”…

“Homelessness charities are crying out for extra support to keep up with the growing demand”…

The homeless crisis is best summarised by the next three charts.

The Albanese government ramped up net overseas migration to unprecedented levels, with 980,000 net migrants landing in Australia in only two years:

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This surge in net overseas migration has been led by a record surge in temporary migrants:

Temporary visa holders
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And this has driven residential rents into orbit:

Residential asking rents

The correlations between the above charts on migration and rents are indisputable. Anyone who denies it is lying.

This surge in net overseas migration came despite Anthony Albanese promising to run a lower migration policy before the last election:

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Albo immigration lies 2

Meanwhile, as Australians are being driven into group housing and homelessness, Labor MPs are profiting from their heavy ownership of investment and holiday homes:

Property ownership by party
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This is the least “labor” government in history.

We have been taken over by a party of open-border nutters and property parasites.

About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.