Why Australia’s predicted drop in population growth is ‘really concerning’

Australia’s population growth is expected to plummet due to COVID-19 restrictions and there is concern the economic impact will be “phenomenally negative”.

Federal government forecasts predict housing demand could be cut by up to 232,000 dwellings over the next three years.

New housing makes up about 7.5 per cent of Australia’s entire economic output.

“You’ve got 60 per cent of Australia’s population growth comes from net overseas migration,” Danni Hunter, Victorian CEO of the Urban Development Institute of Australia, told Ross and Russel.

“That’s really collapsed over the last couple of months.

“That’s going to have a really phenomenally negative impact potentially on our new housing market.

“We are really concerned by this.”

An estimated 300,000 Victorians work in housing construction and development.

Press PLAY below for more.