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The May federal budget forecast that Australia’s population would grow by 1.25% on average over the four-year forward estimates, with the nation projected to add 1.4 million residents in the four years to 2029:
Source: May 2024 Federal Budget
In the four years to 2028-29, Victoria’s population is projected to grow by 1.46% annually, adding 426,000.
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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.