Cormann rejects migration caps as answer to cost of living
OECD secretary general Mathias Cormann warned Australia's political parties that copying populist tactics like migration caps will not solve cost-of-living pressures.
Speaking at the Centre for Independent Studies in Sydney, Cormann told Labor and the Coalition that adopting populist policies would only confirm voters' trust in populist parties. One Nation's primary vote has reached 25 per cent in recent polling, above the Coalition's 22 per cent.
Cormann pointed to OECD research showing that in regions with higher migration, employment among Australian-born workers grew faster with no measurable effect on wages. Real solutions require boosting productivity, building homes, lowering energy costs and lifting real wages.
Tariffs and state banks are also not shortcuts, he said. Australia can only grow its way out of rising costs through an economy that produces more and competes harder.
- 25 per cent
- One Nation primary vote
- 22 per cent
- Coalition primary vote
- Mathias Cormann, OECD secretary general
- Speaker
- Centre for Independent Studies, Sydney
- Venue
Why it mattersAustralia's policy direction on migration, productivity and economic growth will shape household budgets and job prospects for years to come.
AustraliaA former Australian finance minister now leads the OECD and is directly advising Australia's government and opposition on economic policy to combat the cost-of-living crisis.
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