Australia needs 329 new homes per day just for migrants

Monday, 19 June 2023

Last week’s demographic data from the Australian Bureau of Statistics (ABS) highlighted the impossibility of ‘solving’ Australia’s housing crisis amid record immigration-driven population growth.

As shown in the next chart, Australia’s population soared by a record 497,000 in calendar year 2022, off record net overseas migration (NOM) of 387,000:

This means that Australia’s population grew by 1,361 people per day last year, driven by NOM of 1,060 per day.

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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.