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The Albanese government’s first mini budget in October 2022 forecast net overseas migration (NOM) of 470,000 over the first two years (FY 23 and 24).
Source: October 2022 Federal Budget
As independent economist Tarric Brooker illustrates, subsequent budgets and MYEFOs continually revised Australia’s NOM forecasts upwards.
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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.