This week on The Fin podcast, economics correspondent Michael Read and education editor Julie Hare explain why net migration spiked, how the government and the opposition plan to rein it in and what deep cuts would mean for universities, the jobs market and economic growth.

This podcast is sponsored by AICD

Further reading:

• Hard truths: What immigration cuts really mean for the economy

The latest migration debate has so far been framed in terms of its benefits, but little regard has been given to the costs of closing the door on skilled workers.

• Hard truths: What immigration cuts really mean for the economy

The latest migration debate has so far been framed in terms of its benefits, but little regard has been given to the costs of closing the door on skilled workers.

• Universities brace for foreign student cuts of up to 95pc

Both sides of politics say the reductions are needed to relieve housing pressure and both plans would deliver a huge shock to the $48b industry.