Federal budget wrong again on immigration


The Albanese government’s net overseas migration (NOM) forecasts have consistently undershot the actual outcomes.

Nom forecast

Source: 2022-23 Federal Budget

Last year’s federal budget forecast 400,000 NOM for 2022-23. The actual official figure came in at 528,500 for 2022-23.

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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.