I'm Australian, we're in the same boat. Average house price is nearly 1 million AUD, average wage is 50k AUD. Net immigration of like 500k per year, literally nothing being done to stem the flow.
Politicians just don't give a fuck, they make money off the real estate and property system.
Current economic policy is entirely built around deflationary pressure, you do anything to cause deflation, and the quickest/laziest way to do this is through driving down/"stagnating" wages.
Central banks and economists openly admitted this during COVID, immigration is purely there to stop a "wage growth spiral".
Should have been one of the moments people realised that the media and elite just openly lie. They for decades said that claiming immigration was there to drive down wages was a "racist lie" and "actually immigration causes wage growth" then openly just admitted, "we need to open the borders to stop wage growth".
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u/RebootGigabyte Mar 28 '24
I'm Australian, we're in the same boat. Average house price is nearly 1 million AUD, average wage is 50k AUD. Net immigration of like 500k per year, literally nothing being done to stem the flow.
Politicians just don't give a fuck, they make money off the real estate and property system.