It's not about labor shortages or improving the services and lives of existing residents. It's about devaluing the domestic labor market to the benefit of "the economy" and financial metrics (corporate profits, GDP, etc) — it's about increasing labor competition to depress wages and increase unemployment. There is no labor shortage. There is only an expectation of endlessly increasing profit YoY by capitalists.

Suppressing wages and increasing unemployment are the core goals of central banks around the world ATM. It doesn't matter than inflation is fuelled by greed, consolidation, monopolisation, etc; that none of these the "solutions" actually increase quality of life or standard of living. Those metrics are irrelevant to "the economy". They literally change how they calculate the metrics whenever they start to grow too gratuitous or obscene (e.g. CPI).