A public dispute has emerged between two prominent Australian businessmen regarding the nation's immigration levels and their impact on the housing market. Billionaire property developer Harry Triguboff has argued that soaring house prices and increased immigration are vital for Australia's economic future, while entrepreneur Dick Smith has accused Triguboff of "utter greed" for his stance.
Triguboff, who is Australia's second-richest individual, expressed concern over falling property prices in a recent statement on his company Meriton's website. He suggested that a declining market discourages potential buyers, leading to reduced economic activity. "If prices keep dropping, buyers will disappear. It's natural instinct to adopt a wait and see approach. The mindset is, 'Why buy today what will be cheaper tomorrow?'" Triguboff wrote. He posited that a growing population is necessary to revitalize the housing sector, stating, "This country must grow. It's too big to be left in its present state."
Smith, with an estimated net worth of $60 million, strongly disagreed with Triguboff's perspective, calling his comments "outrageous and greedy." Smith suggested that Triguboff's advocacy for higher immigration is motivated by a desire to increase his wealth. "He's got incredible political influence, and he's encouraging politicians to have record numbers of immigration so he can make more money," Smith stated. He questioned Triguboff's need for additional wealth given his age and existing fortune. "He could never spend his money; he's in his 90s!"
Smith proposed a more moderate immigration level, suggesting an annual intake of 70,000, which he believes would stabilize Australia's population around 30 million. Australia's population reached 28 million in June. He warned that current growth rates could lead to a population exceeding 100 million by the end of the century, a scenario he deems unsustainable. Smith argued that "you can't grow forever – our system of capitalism requires endless growth but that's impossible."
He also contended that high immigration levels exacerbate housing affordability issues, making it difficult for young Australians to purchase homes. Smith indicated that Triguboff's vested interests in the property market, including owning over 1,000 rental units, likely influence his position. "He pushes for more immigration so he can sell more units; I think he owns over 1000 units that he rents out to people who can't afford their own," Smith said. He highlighted the growing wealth disparity in Australia, with a significant portion of the population living paycheck to paycheck while billionaires continue to accumulate wealth.
Immigration policy has become a significant issue in Australian politics. Parties such as One Nation have gained traction with proposals to cap immigration at 130,000 people per year, a substantial reduction from current levels. Smith urged major political parties to develop comprehensive population plans that ensure a good quality of life for all residents, not just pursue endless growth.
Smith also raised concerns about the potential for food shortages due to unchecked population growth, particularly in light of existing challenges in agricultural regions. He asserted that Australia's wealth is derived from finite resources like iron ore and food exports, and therefore, an optimal population number should be determined by experts to ensure sustainability.
