Australia’s rental crisis the main ‘stake’ in domestic inflation

Australia’s rental crisis resides as the main “stake” in domestic inflation as the fire continues to be “stoked” by record population growth, says Economist Leith Van Onselen.

“Rents as well as the cost of buying a new home which has been pushed up by demand, etcetera … is basically a stake in Australia’s inflation,” he told Sky News Australia host Chris Kenny.

“And that is being stoked by Australia’s record population growth because, effectively, we are growing the population faster than the economy can cope.

“Because of that, we have got really poor productivity as well as rising inflation.

“The number one thing the government can do, and it can be very quick, is they can cut immigration.”

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