You may have been wondering what’s been happening with population growth as we recover from the impacts of COVID-19.
Well here is a snapshot:
- Australia’s population grew by 0.91% in the year to March 2022, up from a low of 0.09% a year earlier, but still below pre-COVID levels of 1.5% annual growth
- Overseas migration is recovering, hitting around 110,000 people (net) over the year to March 2022. This compares to around 250,000 persons in the years prior to COVID-19
- Queensland (94,298 persons) recorded almost double the population growth of any other state (New South Wales was second with growth of 49,540 persons) including net interstate migration of 53,984 persons
- People are still leaving New South Wales (40,057 persons migrated elsewhere in Australia) and Victoria (17,997 persons) in droves.
We should expect net overseas migration to continue to grow and Australia’s population growth to return to levels of 1.5% per annum. This will reduce labour shortages, support business growth, provide a backstop for house price decline, but also continue rental pressures. It may also be the key to Australia avoiding a notable downturn which the rest of the world is facing. Stay tuned.
For more economic insight into Australia’s economic market, please contact our specialist directly.