Coalition says new plan to slash migration won’t tank economy

Opposition Leader Angus Taylor announced a dramatic reduction in Australia's migration levels, aiming to slash net overseas migration to around 100,000 people per year in the first year following an election. This is significantly below the current level of nearly 300,000, reflecting a move to counter rising support for anti-immigration party One Nation, which wants to limit net arrivals to 130,000 annually after a brief period of negative migration. Taylor's plan includes reducing temporary visa holders by approximately 650,000 over four years and halving the refugee intake from 20,000 to 10,000 per year. The policy aims to be budget-neutral, aligning migrant numbers with housing completions to address issues like rental affordability and home ownership. This move follows Labor's announcement of reducing migration targets but is seen as a more drastic measure than both Labor's target of 225,000 and One Nation’s plan.