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Peter Dutton’s plan will cost the economy billions, says Jim Chalmers

Peter Dutton’s plan to reduce immigration to free up housing and ease population pressures would cost billions, Treasurer Jim Chalmers has warned, accusing the opposition of pulling figures “out of thin air”.

Ahead of a heated fight over immigration in next year’s federal election, Dutton has promised the Coalition would cut the permanent migration program by a quarter to 140,000 new arrivals, down from 185,000 a year.