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Dishonest Treasury last redoubt of Big Australia


MacroBusiness
Access Subscriber Only Content
at 11:40 am on May 19, 2021 | 6 comments
Yesterday, Secretary of the Australian Treasury delivered a post-Budget briefing to the Australian Business Economists where he admitted that the collapse in immigration has helped lift Australia’s per capita GDP growth, but then endorsed a return to ‘Big Australia’ immigration levels anyway:
One downward revision in the Budget was our expectations around population growth based on updated assumptions about when borders might open. This is an area in which Australia has experienced one of the largest changes compared to other advanced economies, through lower net overseas migration.
While this downward revision to population growth will affect the size of the economy, it need not impact GDP per capita if the pandemic and economic consequences of the pandemic are well managed. ....

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Travel not needed for economic recovery: Treasury


Travel not needed for economic recovery: Treasury
By
Sarah Kendell
18 May 2021
Despite predictions in the budget that Australia’s borders will stay shut for at least another year, the head of the Treasury says the economy is recovering better than expected and doesn’t need migration to stay afloat.
Addressing an Australian Business Economists event on Tuesday, Treasury secretary Steven Kennedy said the nation’s economic recovery from the shock of COVID-19 had been “stronger than we have seen from any downturn in recent history”.
“I see two reasons for this stronger than expected recovery – first, Australia has had success in suppressing COVID-19 and protecting the health of Australians, more so than we hoped for in the early days of the pandemic,” Dr Kennedy said. ....

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