The per capita drop is very much related to immigration, but the main point was that we’re expediting immigration-driven population growth just to keep overall gdp growth at any cost.
More and more immigrants are being brought in, having lots of kids, and working a bare minimum. Doing this lowers the per person gdp but increases total gdp - exactly like we’re seeing.
It’s not a coincidence that migration numbers are at all time highs at the exact same time that these gdp situations are unfolding. Immigration is being used to, among other things, keep total gdp growing so the government can say for amazing the economy is while it’s actual a complete shitshow - exactly like they’re doing.
What will get worse if we pause immigration for 5 years? Total GDP growth. That’s it. The housing market will improve (as in affordability and availability), inflation will slow. What will get worse?
Don’t give me any crap about us needing “skilled migrants” to keep our hospitals and building industries going either, cause we all know that’s a lie.
I don’t care if the rich get richer if that’s what it takes for the price of living to get better.
Like I said, it won’t happen anyway - the government won’t let it, and that’s why the cost of living is never going to get better.