Freelancer CEO Matt Barrie. Image: Supplied. One of the country’s most successful tech entrepreneurs has said the 457 temporary work visa was axed by a government in panic over a bubble in housing prices.
Freelancer.com founder and chief executive Matt Barrie, while admitting the 457 visa was in need of reform, told Business Insider that the changes to the skilled labour program were a blunt instrument to cool real estate prices.
“This is a property bubble that successful Australian governments have done everything they can to keep reflating, because when it pops, it threatens to bring down the Australian economy — and right now, it’s panic stations.”
The hot property market , especially in Sydney and Melbourne, has become a political challenge at both federal and state government levels. Federal treasurer Scott Morrison is tipped to announce some level of policy response – such as a dollar cap on negative gearing and a limit on number of investment properties – to curb the growth in prices when he hands down the budget next month.
A National Australia Bank study showed that in the first quarter of this year, overseas investors bought up 10% of all new housing and more than 7% of existing […]