Budget’s immigration figures are wildly understated


Last night’s federal budget included the below table showing that net overseas migration (NOM) would be 235,000 every year from 2022-23 onwards:

Budget NOM forecast

This projection is in line with the latest Intergenerational Report, which tips 235,000 NOM into eternity:

Australia's net overseas migration

Because of this strong projected immigration, Australia’s population is tipped to grow by 357,000 (1.4%) in 2022-23 and by 369,000 (1.4%) in 2023-24:

Population growth

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.