I reported yesterday that Australia’s net overseas migration hit an all-time high 549,000 in the year to September, comprising a record high 83% of Australia’s population growth:
Even in growth rate terms, Australia’s population growth rate of 2.5% was the fastest since 1952:
Alex Joiner, chief economist at IFM Investors, published terrific charts on Twitter (X) providing more insights into the data.
In the year to September 2023, an astonishing 765,900 migrants arrived in Australia, offset by 217,200 departures:
Australia’s 2.5% population growth completely dwarfs the circa 0.5% growth across advanced nations:
Migration records are being smashed across Australia’s major states:
And the record population growth has completely overrun housing supply, driving rents into the stratosphere:
It is an unmitigated disaster for Australian renters.
The only saving grace is that Canada shows that it could always be worse:
As bad as the situation is in Australia, Canada says, “hold my beer”:
