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The December Mid-Year Fiscal and Economic Outlook (MYEFO) predicted that Australia’s net overseas migration will fall to 375,000 this financial year.
However, the Australian Bureau of Statistics (ABS) reported the highest monthly (105,500), quarterly (172,400), and annual (498,300) net permanent and long-term arrivals on record in February, defying Labor’s projections:
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The number of temporary migrants in Australia (excluding visitors) also hit a record high 2.42 million in March, to more than 400,000 higher than the pre-pandemic peak:
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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.