Immigration to the rescue – again

Grant Robertson addresses the Prefu briefing at the Treasury. (Image: BusinessDesk)

Tue, 12 Sep 2023

Far stronger than forecast, inward migration is underpinning a slightly stronger economic growth outlook over the next year and an earlier-than-expected turnaround in house prices.The pre-election economic and fiscal update (Prefu) forecasts growth in the year to June 2024 will come in at 1.3%, compared to 1% in the May budget forecasts.In the following three years, the Treasury’s Prefu forecasts are not significantly different from those in the budget but could be boosted – along with inflation and interest rates – if immigra...

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