Baby bonus generation adds to housing pressures

Tuesday 24 June 2025

Net overseas migration is undoubtedly the most significant driver of housing demand in Australia.

Australia’s population grew by 445,900 in 2024 (equivalent to a Canberra), driven by net overseas migration of 340,600.

Net overseas migration remained above the pre-pandemic peak of 315,700 in Q4 2008, accounting for 76% of total population growth.

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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.