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Australia welcomed an extraordinary 980,000 net overseas migrants over the last two calendar years.
According to the May federal budget, net overseas migration will moderate to 395,000 in 2023-24, then 260,000 in 2024-25.
Source: 2024 Federal Budget
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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.