Commonwealth Bank of Australia's Matt Comyn calls for lower migration level as Warren Hogan demands a 'pull back'

Business leaders have called for a hefty reduction in migration as concerns around housing affordability and inflation weigh on millions of Australians.

As the Coalition looks to reduce the annual net migration intake by at least 100,000 , Commonwealth Bank of Australia’s CEO Matt Comyn called for a reduction in the tens of thousands.

“Perhaps that number is something in the order of 180,000 per annum,” Mr Comyn said at the House of Representatives’ economics committee.

“It gives both the Commonwealth and states the ability to plan for critical infrastructure, including housing.”

Treasury forecasts net migration to sink to 260,000 in 2025-26, fall again to 225,000 the following financial year then stay at that level for the rest of the decade.

It follows migrations soaring to 536,00