Australia’s population growth continues to accelerate

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I have noted repeatedly that Australia’s population officially grew by a record 482,000 people in the 2022 calendar year on the back of record high net overseas migration of nearly 400,000:

Australian population change

Provisional monthly visa data to March also shows temporary migration has soared on the back of record net international student arrivals:

Net visa arrivals
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This suggests that net overseas migration will hit new highs in 2023, especially given the Albanese Government has dedicated 500 staff and $42 million to clear the so-called 600,000 strong visa backlog and has also increased the permanent (non-humanitarian) migrant intake to a record high 195,000.

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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.