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In Labor’s first federal budget in October 2022, it forecasted net overseas migration (NOM) of 470,000 over its first two years (FY 23 and 24):
Source: October 2022 Federal Budget
Instead, Labor delivered around one million NOM, more than double Labor’s projection:
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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.