At the ASIC Forum  in Melbourne this week, Chanticleer got the chance to ask Reserve Bank governor Michele Bullock a question about what HSBC (and former RBA) economist Paul Bloxham has rightly described as a true shock to the economy: the stunning surge in immigration, which is running well above 500,000 annual arrivals.

Bullock appeared decidedly sanguine. First, she emphasised that immigration was ultimately beneficial for the Australian economy, and pointed out “the current surge in migration is a catch-up” from the sharp drop during the pandemic. “We’re basically going to get back up to our trend where we were before,” she said.