‘Job Creation a Mirage’: Tech CEO Calls for 90 Percent Cut to Migration to Slow Housing Bubble

Published on August 28, 2024

Australian tech CEO Matt Barrie says the government should consider cutting international migration by 90 percent to address the “massive housing bubble” and unemployment in the country. Speaking at a recent event in Brisbane, Barrie, the founder and CEO of Freelancer, a freelance marketplace website with over 75 million users, said migration was the main driver behind unreasonable housing prices across Australia. Citing housing data, he said Australian house prices have risen by 110 times since 1956 and that in some cities like Sydney, it would take a person 46 years just to save for a deposit. “If you start saving in 20, you’ll have enough money for a deposit by the age of 70. By then, the house will have another zero on its price tag,” he said....

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