Coalition considers plan to slash net overseas immigration by nearly half its current rate, leaked documents reveal

Leaked Coalition documents show Opposition leader Angus Taylor’s team is considering cutting Australia’s annual net overseas migration to 150,000–200,000 (from 306,000 in 2024–25). The policy roadmap — part of a broader platform to be finalised by Feb 2027 — frames the cut as a way to ease pressure on housing and services while aiming to lift productivity 0.5–0.7% per year. For markets, an immigration cut could tighten labour supply, weigh on housing demand and construction activity, and reduce near-term consumer and business demand, creating downside risk for Australian equities (Australia 200) and property-sensitive sectors; the document seeks to minimise budget and economic impacts. The proposal increases political uncertainty ahead of any early election and could prompt sector rotation toward firms less reliant on migrant-driven labour and housing demand.