ANZ has an interesting chart today.
Without putting too fine a point on it, there is a correlation between population growth and job creation. This is pretty uncontroversial and part of the well-understood demographic dividend.
When the inflows are accompanied by an exogenous boom, such as between 2003 and 2012, this makes perfect sense. The demand for labour from capital deepening is such that immigration is disinflationary and helps not overcook income gains vis inflation.
But when the inflows become the driver of investment, it becomes capital shallowing, productivity collapses and, although there are abundant jobs, there is no real income growth.
It is a system designed to enrich ASX100 executives and provide politicians with bogus headline statistics to defend power.
While you get interminably poorer.
