Comparison of the Australian and US Economies: An Analysis of Articles

Determining the relative policy stance of both central banks ultimately comes down to population growth, which is driven by net inward migration in the US and Australia. In the US, recent data shows that the birth rate has declined to just 1.6, while there have been reports of increased net inward migration, although most are likely illegal entries not reflected in official data. On the other hand, Australian migration data has shown a significant uptick following the reopening of the economy after the pandemic.

This migration influx has put pressure on goods and services with slow supply responses to rising demand, particularly in housing markets where rents and prices surged. Furthermore, it provided more labor supply during reopening shortages, helping to curb wage growth compared to other economies. While the rate of inward migration appears to have peaked, it continues to impact house prices, rents and wage growth.

The counterfactual suggests that wage growth would have been higher without this migration influx. However, considering other relevant factors such as government policies and interest rates, the overall effect remains positive for now.

By Sophia Gonzalez

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