The Institute of Public Affairs (IPA) published the following chart, drawn from the Australian Bureau of Statistics (ABS) national accounts, showing that the Albanian government is the first in modern history to preside over a decline in GDP per capita.
“Real GDP per capita has grown by less than zero (-0.49%) in real terms since the inauguration of the Albanian government in the June quarter of 2022”, noted Dr. Kevin Yu, Senior Fellow at the IPA.
“Per capita real economic output has declined in ten of the fifteen full quarters under the Albanian government”.
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“The Albanian government has overseen its worst set of economic numbers since at least the beginning of digitized records in the early 1970s”, He says
You argue that the Albanian government has covered up Australia’s economic decline by running the biggest immigration program in the country’s history.
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“The latest official economic data shows once again that mass migration is making Australians poorer, and the Treasurer’s strong results will fuel further anger”, He says
“If mass migration is considered so good, then why are Australians poorer than at any time in living memory?”
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In a separate article published in the Spectator, IPA Research Fellow Sian Hussey warns that Labor has budgeted for 1.22 million new net migrants before the end of the decade:
Over the next five years, Labor now wants to bring in 55,000 more people than previously planned, including 1.22 million new migrants on a net basis before the end of the decade. Considering the fact that they have failed to meet their (very high) immigration targets, allowing more people than they said they would each year, it is likely that the Albanian government will exceed this number as well.
What appears in the budget is a doubling down on the high migration strategy to spur economic growth. The size of the economic pie grows as more people are brought into Australia, but the rate of growth must exceed the rate of migration, otherwise the slice given to each Australian will be smaller.
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A small slice of exactly what Australians have been given over the last four years…
This is one of the main problems with Australia’s current immigration system: it is making Australians poorer.
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The painful reality is that Australia’s recent productivity performance has been the worst in the OECD.
As a result, headline GDP growth has been soft, while GDP per capita has moved backwards due to rapid net overseas transfers (NOM).
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Indeed, declining labor productivity and per capita GDP growth have been a hallmark of the Australian economy since NOM doubled in the mid-2000s.
The statistics are clear: mass migration has made Australian living standards worse, not better.
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