Overseas Workers and Migrants Critical to Australia, says Harry Triguboff

We need to be addressing critical issues such as bringing back workers and migrants to solve the severe labour shortage, not just climate change and the Barilaro fiasco, says Meriton Founder and Managing Director Harry Triguboff.

“We need workers and migrants right now. Relying on just local Australian population growth as opposed to overseas immigration is not enough for the country to achieve economic growth. Politicians should not stand in the way of migrants, simply to appeal to a fraction of voters who are against it. If they do things that are good for the country and the economy, the votes will naturally go their way. We must prioritize the economy and be in control for Australia to grow and not rely on our international allies.” Says Mr. Triguboff.

He also urges the planning system to be fixed to combat the serious housing undersupply Sydney is facing. The latest analysis from the Property Council of Australia and Gyde Consulting shows a serious housing undersupply in Greater Sydney. In Western Sydney alone, 6,000 more homes are needed to meet the intended 25,530 dwellings target. “We cannot get units approved in Sydney. It is very risky to buy land here because councils change their mind and make unpredictable decisions. They must stick to their policies and we need open dialogue to find out where the disagreement lies and to solve them in a timely manner, whereas now I won’t find out about the reasons for our disagreement until I take legal actions.” Mr. Triguboff says.

Though faced with a tough system, Mr. Triguboff says he will persist and push forward with the Little Bay development. “The Little Bay site is perfectly situated on the water, close to the CBD and can benefit the community and the government significantly. Instead, we were faced with many obstacles and cannot develop the land. Right now, I’m too preoccupied with the 2 sites in Parramatta to focus on Little Bay. But I will persist because the Little Bay site is needed for development and rejuvenation.”

He says the demand for housing remains very strong, and the current market sentiment has largely been affected by sensational media headlines about prices dropping, “The trends of sales and rent prices depicted in the media are not accurate, and unfortunately, they have a negative impact on the market sentiment. “He points out the one exception in Surfers Paradise, where prices have risen over 20% in the past 12 months due to population growth.

Mr. Triguboff also urges the government to slow the pace of raising the interest rates, so as to not worsen inflation, “The Reserve Bank saved the economy by lowering the interest rates during the pandemic to encourage investment, and now they need to move in the other direction very slowly and cautiously. Without foreign workers and migrants to solve the labour shortage, interest rate hikes in rapid successions can only lead to more price rises and higher inflation. “Says Mr. Triguboff.