Top Aussie CEO exposes the huge problem with Australia

The founder of a company now worth $130million says high immigration and unaffordable housing are stifling the creation of innovative businesses like his own in Australia. Tim Fung, who co-founded Airtasker where freelancers bid to do one-off jobs, said population growth and consequent unaffordable housing in Australia's major cities had consequences that went beyond the cost-of-living crisis. Sydney's median house price of $1.5million is now so expensive someone would need to earn $226,621 per year just to get a loan with a 20 per cent deposit. Tim Fung, who co-founded Airtasker where freelancers bid to do one-off jobs, said population growth and consequent unaffordable housing in Australia's major cities had consequences that went beyond the cost-of-living crisis Mr Fung, 41, said unaffordable housing meant there were few were able to take a risk at starting a business like he did, because all their savings had gone into buying a property. Sydney 's median house price of $1.5million is now so expensive someone would need to earn $226,621 just to get a loan with a 20 per cent dep Mr Fung said Australia's skilled migration program was too heavily skewed towards people with university degrees.