Temporary visas surge again
A bit surprisingly, the number of temporary visas increased by a further +176,000 in the third quarter of 2023.
Over the year temporary visa holders (the red line in the graph below) have ripped by a record +494,000 higher, to an all-time pinnacle of 2.64 million.
Excluding visitor visas (the blue line below) the increase was a record +425,000 over the year.
There tends to be a seasonal element to visa numbers, partly due to tourism, and more so to do with international student term times.
Australia's estimated resident population increased by more than +180,000 in the first quarter of this calendar year - more than 2,000 persons per day - and it looks like we might see some more similar results reported ahead too, as we head into the warmer summer months.
The capital city housing downturn has been totally overwhelmed by the imbalance between slowing dwelling supply and rampant demand, even in the face of higher and rising borrowing costs.
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The Bank of Canada kept interest rates on hold this week, with lower borrowing costs expected ahead.
Similarly, the ECB looks to be at or close to the top of the cycle with interest rate cuts likely next year.
The UK appears to be gradually easing its way down the other side of its steep interest rate mountain.
The Federal Reserve has seen the US economy stay stronger than expected for longer than expected, and potential interest cuts have been pushed far out into 2024.
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Had a fun time debating Andrew Page from Strawman at the Australian Shareholders Association Annual Summit yesterday, in a property versus shares debate.
Honourable draw, I think.
I made the case for investing in some property in the earlier part of your journey to grow your portfolio faster, to get a larger snowball compounding for you sooner, and to allow plenty of time for the mortgage debt to be inflated away.
You can then beef up the share portfolio later in the journey (including, sometimes, with a line of credit).
