Commonwealth Bank boss reveals preferred migration rate
Commonwealth Bank chief executive Matt Comyn is wading into a politically charged debate over Australia’s immigration intake.
Appearing before a parliamentary committee on Tuesday, Mr Comyn proposed an immigration rate well below Australia’s current environment.
“Perhaps that number is around 180,000 a year,” he told the committee.
“This gives both the Commonwealth and the states the ability to plan for critical infrastructure, including housing.”
This figure is broadly in line with Australia’s permanent limit of 185,000, but is considerably lower than the current net intake of 300,000.
Mr Comyn did not specify whether he was talking about net migration or permanent intake, which covers all entries and exits, including Australian citizens.
His intervention came as the coalition was preparing to unveil an immigration policy.
As global support for anti-immigration parties grows, the opposition plans to promise major cuts if it wins the next election.
The opposition is considering reducing the country’s immigration intake by around 100,000 people, and this policy is expected to be completed by Christmas.
Opposition Home Affairs Spokesperson Jonno Duniam said this figure seemed “a reasonable figure” but that details would not be given.
The migration plan will depend on housing availability and pressure on health and education systems.
“If we can’t figure these out, how can you come up with a number?”
Asked where the opposition might cut Australia’s immigration programme, Senator Duniam said there had been an issue with international students for some time, but otherwise he would not withdraw.
The federal government does not have a net overseas migration target, but a figure of 260,000 is predicted for this financial year.
Budget documents predict that number will fall to 225,000 by 2028-29.
The Labor government has imposed limits on the number of foreign students allowed to study at Australian universities in a bid to reduce the country’s overall immigration intake.
One Nation leader Pauline Hanson, who has long campaigned for major cuts to immigration, said her party had been setting the agenda for years.
“We need to reduce (immigration) to about 130,000 a year,” he told ABC radio.
“I don’t care about these people coming from overseas and wanting to start a new life in Australia.
“I care about people in Australia who can’t buy a house.”
Australia’s Associated Press is the beating heart of Australian news. AAP is Australia’s only independent national news channel and has been providing accurate, reliable and fast-paced news content to the media industry, government and corporate sector for 85 years. We inform Australia.
