I noted before Christmas how net overseas migration (NOM) is rocketing back, and has already exceeded the NOM forecasts in the October federal budget:
![Australian net immigration](https://www.macrobusiness.com.au/wp-content/uploads/2022/12/Capture-315.png)
The Australian Bureau of Statistics’ (ABS) latest data breaking down the contributors to Australia’s NOM in the 2021-22 financial year showed that international students are behind the resurgence. 109,000 net student visa arrivals landed in Australia in the financial year – the second highest intake on record (behind 2008-09 when 122,000 net students arrived):
![Drivers of NOM](https://www.macrobusiness.com.au/wp-content/uploads/2022/12/Capture-344.png)
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Thus, international student arrivals accounted for around two-thirds of Australia’s 171,000 NOM in 2021-22.