⚠️ RBA GOVERNOR SAYS MIGRATION ‘BITES’ IN HOUSING MARKET

RBA Governor Michele Bullock says migration brings both extra demand and more workers, but housing supply cannot adjust quickly enough: “Where it bites is the housing market.”

Bullock also said Australia’s recent economic growth has largely been driven by population growth. Despite that, growth per person has remained weak, with GDP per person falling in 8 of 14 quarters since March 2023, rising in just 4 and remaining flat in 2.

Overall, real GDP per person remains roughly 0.6% below its end-2022 level.

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