A few days ago Australia’s Treasurer Josh Frydenberg revealed the magnitude of the impacts of the Wuhan coronavirus on Australia’s economy. The economy went backwards by 7 per cent in the second quarter. That’s the worst fall on record. 
Australian households faired even worse with per capita household wealth shrinking by a whacking 7.2%. Why should this matter? This is the biggest collapse on record in households standard of living measured by gross domestic product (GDP).
There is hope on the horizon.
However, there is room for optimism. There is a growing call for the Federal Government to abandon the “Big Australia” population Ponzi scheme driven by immigration, which makes up 60% of growth.  Population Ponzi is essentially a pyramid scheme that attempts to make more money for some by adding on more and more people through population growth.  Population Ponzi schemes are incapable of addressing quality of life issues, high unemployment or depressed wages.
Industries relish the Population Ponzi as it provides cheaper overseas labour and produces large numbers of migrants to choose from in order to boost companies’ profits. As we have seen in Australia and other developed countries, industries continue to push for high immigration when the intake is already at record levels and unemployment rates are high.
But there is hope. Forthcoming, ABS data will reveal huge reductions in net overseas migration – a once in a generation opportunity to develop a much smaller migration program that works for Australian citizens.
Australia is officially in a recession.
Economists are forecasting years out before Australia recovers and unemployment is set to rise even more in the next quarter. Australian citizens will need a long time to rebuild prosperity and employment as the economy fights it way out a recession (a “technical recession” is two consecutive quarters of negative GDP growth).  The last thing Australian’s need right now is for the Population Ponzi to rev up and immigration flows to accelerate in. PM Scott Morrison needs to stay firm against the calls from Australia’s Industry groups for more immigration.
 Australian Bureau of Statistics, ‘5206.0 – Australian National Accounts: National Income, Expenditure and Product, Jun 2020’ (c=AU; o=Commonwealth ofAustralia; ou=Australian Bureau of Statistics, 2020), p. <https://www.abs.gov.au/ausstats/abs@.nsf/mf/5206.0> [accessed 7 September 2020].
 Australian Bureau of Statistics, ‘5206.0 – Australian National Accounts: National Income, Expenditure and Product, Jun 2020’, p. 0.
 Australian Bureau of Statistics, ‘3101.0 – Australian Demographic Statistics, Dec 2019’ (c=AU; o=Commonwealth of Australia; ou=Australian Bureau of Statistics, 2020) <https://www.abs.gov.au/ausstats/abs@.nsf/0/D56C4A3E41586764CA2581A70015893E?Opendocument> [accessed 7 September 2020].
 Joseph Chamie, ‘Is Population Growth a Ponzi Scheme?’, The Globalist, 2010 <https://www.theglobalist.com/is-population-growth-a-ponzi-scheme/> [accessed 7 September 2020].
 Joseph Chamie,.
 Stephanie Chalmers, ‘The Economy’s Going Backwards – Here’s How It Might Affect You’, 2020 <https://www.abc.net.au/news/2020-09-02/australia-is-officially-in-recession-what-does-that-mean-covid19/12616130> [accessed 7 September 2020].