The December Mid-Year Fiscal and Economic Outlook (MYEFO) predicted that Australia’s net overseas migration will fall to 375,000 this financial year.
![NOM projection](https://api.macrobusiness.com.au/wp-content/uploads/2024/04/CBA-NOM-Projection.png)
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:
![Net long-term arrivals](https://api.macrobusiness.com.au/wp-content/uploads/2024/04/Net-long-term-arrivals.png)
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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:
![Temporary visas on issue](https://api.macrobusiness.com.au/wp-content/uploads/2024/04/Total-temporary-visas-ex-visitors.png)