Economists are warning that a continual increase in the amount of migrants coming into Australia will continue to price out young Aussies from enterings the property market.

The call coming off the back of Jim Chalmers budget, that predicted around 55,000 more migrants will arrive over the next two years than initially expected, pushing the number of new arrivals to over 1 million.

Speaking with 3AW Breakfast, Chief economist at AMP, Shane Oliver, said that it would be more sustainable to get immigration levels back to pre-COVID numbers.

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“I think fiddling with capital gains tax and negative gearing, those sorts of things may be appealing, but they don’t solve the underlying problem of a chronic undersupply of housing in Australia” Oliver said.

Australian immigration has been on an increase since COVID, with it being suggested as a leading cause impacting housing supply and price surges.

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