Dutton promises to slash migrant intake, ban foreign property buyers in Budget reply

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In his Federal Budget reply on Thursday night, Opposition Leader Peter Dutton has vowed to slash permanent migration and ban foreign investors and temporary residents from buying established homes for two years.

If elected, Dutton said the Coalition would cut the number of permanent visas granted each year from 185,000 to 140,000. This would take the metric to its lowest level for 20 years, amid continuing labour shortages that threaten to keep inflation high.

It would remain at that level for two years, rise to 150,000 the year after and then 160,000 the following year.

The humanitarian intake, currently at 20,000, would be reduced to 13,750 and there would be a two-year ban on all foreigners buying existing housing stock.

Dutton said his migration cuts may not be liked by “the usual CEOs and big businesses,” but his priority “is restoring the dream of homeownership.”

He suggested limiting migration would “free up almost 40,000 additional homes in the first year and well over 100,000 homes in the next five years.”

Source: The Australian Financial Review

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