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Canada, like Australia, is experiencing its fastest population expansion on record, which is being driven almost entirely by record net overseas migration (NOM).

In the year to March, Canada’s population increased by a little over 1.2 million people, with NOM accounting for nearly all (98%) of that increase:

Canada population growth

The following chart, which compares Canada’s population growth rate to that of the United States, captures the magnitude of Canada’s population expansion (read immigration):

Canada versus US population change

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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.