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Recall that October’s federal budget projected 235,000 net overseas migration (NOM) this year and beyond:
On Thursday, the Australian Bureau of Statistics (ABS) released population data for the June quarter of 2022, which showed that net overseas migration (NOM) was 58,000 over the quarter and 171,000 over the year.
While this 58,000 NOM was significantly less that the all-time high 97,900 recorded in the March quarter, it was the highest NOM for a June quarter since 2008:
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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.