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The December Mid-Year Fiscal and Economic Outlook (MYEFO) projected that Australia’s net overseas migration would fall to 375,000 this financial year.
Labor’s projection was categorically blown out of the water by Tuesday’s net permanent and long-term arrivals figures from the Australian Bureau of Statistics (ABS), which recorded the strongest monthly (105,500), quarterly (172,400), and annual (498,300) arrivals on record in February.
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This data suggests that Australia’s net overseas migration has remained near record levels of more than 500,000:
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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.