Analysts at Westpac explained that while still elevated, net migration has turned and it’s set to fall sharply over the next few years.
"This downturn has begun even before the new Government has tightened migration settings, and expected policy changes will reinforce recent trends."
"Combined, expected changes in government policy and the natural forces already in play will see net migration drop from over 70,000 now to 10,000 in 2021.Just as the run up in net migration provided a powerful boost to demand in recent years, the downturn that we have entered will be a significant drag."
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