Would slashing migration tank the economy or reset Australia’s living standards? Canada may offer clues
Source: Guardian World ↗
Annual population growth for the North American nation has slowed to just 0.5% – and the economy is ‘adjusting’Get our breaking news email, free app or daily news podcast Would slashing net overseas migration “trash the economy” or deliver the necessary population “reset” to restore Australia’s stagnant living standards?
Labor and an ascendant One Nation have presented starkly different visions of what a migration program in the national interest looks like.
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⚡ Effects Interpreter
🌍World Economymedium impact
What this means for you
- ▶Distant markets sometimes move on rumour before the facts even settle.
- ▶Foreign direct investment decisions can hinge on how this plays out.
🏙️Local Economylow impact
What this means for you
- ▶Everyday essentials may nudge in price as suppliers adjust.
- ▶Your weekly shop might get a touch dearer, or cheaper, down the line.
🏦Rates & Bankslow impact
What this means for you
- ▶A modest drift in borrowing costs is more plausible than a sharp jump.
- ▶A change in the cost of money, if it comes, will likely arrive subtly.
❤️Healthmedium impact
What this means for you
- ▶Unsettling news can weigh on sleep and mood, so peace of mind matters.
- ▶Taking a break from the headlines can do more good than scrolling on.
💷Wealthmedium impact
What this means for you
- ▶Savers with a clear plan tend to feel less rattled by a story like this.
- ▶Time in the market usually matters more than timing the market around a story like this.
🏠Housinglow impact
What this means for you
- ▶Bricks and mortar tend to hold steady while other markets swing about.
- ▶Mortgage shoppers might find deals shift only slightly in the short term.
🌍 Effects for your country
The U.S.'s central bank rate currently stands at 3.75%, so a global rates move like this could feed through to local borrowing costs. The U.S.'s economy is growing at 2.3% with inflation at 3.2%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the U.S.'s own central bank rate closely. With the U.S.'s unemployment at 4.4%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone — the real impact in the U.S. depends more on local healthcare capacity than the figures above.
The UK's central bank rate currently stands at 3.75%, so a global rates move like this could feed through to local borrowing costs. The UK's economy is growing at 0.8% with inflation at 3.2%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the UK's own central bank rate closely. With the UK's unemployment at 5.6%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone — the real impact in the UK depends more on local healthcare capacity than the figures above.
France's central bank rate currently stands at 2%, so a global rates move like this could feed through to local borrowing costs. France's economy is growing at 0.9% with inflation at 1.8%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track France's own central bank rate closely. With France's unemployment at 7.9%, personal-finance effects like this land on a labour market that is already under strain. Health-system effects are harder to localise from economic indicators alone — the real impact in France depends more on local healthcare capacity than the figures above.
Romania's central bank rate currently stands at 6.5%, so a global rates move like this could feed through to local borrowing costs. Romania's economy is growing at 0.7% with inflation at 7.8%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track Romania's own central bank rate closely. With Romania's unemployment at 6%, personal-finance effects like this land on a labour market that is currently fairly stable. Health-system effects are harder to localise from economic indicators alone — the real impact in Romania depends more on local healthcare capacity than the figures above.
The UAE's central bank rate currently stands at 3.65%, so a global rates move like this could feed through to local borrowing costs. The UAE's economy is growing at 3.1% with inflation at 2.5%, the backdrop this story's effects play out against locally. Housing-market effects like this are usually felt most where mortgage rates track the UAE's own central bank rate closely. Health-system effects are harder to localise from economic indicators alone — the real impact in the UAE depends more on local healthcare capacity than the figures above.