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Australia is experiencing a record immigration fueled population boom, with the nation’s population expanding by an unprecedented 500,400 in the 2022 calendar year, driven by record net overseas migration (NOM) of 387,000:
The May federal budget projected that Australia would receive 1.5 million net overseas migrants in the five years to 2026-27, equivalent to an Adelaide’s worth of people:
Source: 2023 federal budget
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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.