Last week, the Australian Bureau of Statistics released the official population statistics for the September quarter of 2023, which revealed that Australia’s population grew by an unprecedented 660,0
00 people over the year, driven by record net overseas migration of 549,000.
Australia’s population grew by an unprecedented 660,000 people over the year. Picture: Macro Business In its December Mid-Year Economic and Fiscal Update , the Albanese government forecast that Australia’s NOM would fall to 375,000 this financial year, which would represent the second-highest annual NOM in Australia’s history.
Reflecting this demand-supply imbalance, median asking rents across Australia have soared by 38 per cent since the beginning of the pandemic, according to PropTrack, with almost all of this growth occurring after the federal government opened the international border to migration in late 2021. Research released in November 2023 by independent economist Gerard Minack showed that Australia’s 8.2 million population increase this century has outpaced the provision of business investment, infrastructure and housing, resulting in what economists call “capital shallowing” and reduced productivity growth.
“Australia’s population-led growth model was a demonstrable failure in the 15 years prior to the pandemic. Remarkably, the country now seems to be doubling down on the same strategy. The result, unsurprisingly, is likely to be more of the same.”
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