Growthless Canada outperforms Australia’s per capita economy
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Like Australia, Canada experienced record net overseas migration (NOM) in the immediate post-pandemic period, increasing the population by 3 million (7.9%) in the three years after it reopened its international border in September 2021.
Non-permanent residents (NPRs), meaning temporary migrants, grew by 1.8 million, from 1.36 million to a peak of 3.15 million, making up 60% of Canada’s population growth.
However, in late 2024, Canada chose a different path.
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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.
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