Migrant intake hits three-year low but population continues to grow
Net overseas migration has fallen to its lowest level since the Albanian government came to power, but it is still powering Australia’s population growth as the country is now home to more than 27.6 million people.
Figures released by the Australian Bureau of Statistics on Thursday revealed net overseas migration during 2024-25 fell to 305,600, the lowest annual result since mid-2022. In the June quarter alone, immigration fell to 50,120, the lowest quarterly result since the end of 2021.
This is a drop of 123,593, or 29 per cent, from 2023-24 and a 45 per cent drop from the peak of 555,798 reached in the 12 months to September 2023.
Net overseas migration of 305,600 (which tracks the number of people leaving or arriving in the country who have been here for at least 12 of 16 months) is below the figure the government had forecast in its mid-year budget update published on Wednesday. But the figure is well above the 260,000 figure expected when Jim Chalmers announced his 2024-25 budget in May last year.
At the same time, unlike similar nations. Canada’s statistics agency revealed that after the Carney government’s change in immigration policy, the country’s population fell by 0.2 percent, or 76,000, in the three months until October.
Net overseas migration to both NSW and Victoria has fallen by 31 per cent in 2024-25, falling by 45,000 and 40,000 respectively. In the June quarter alone, Victoria’s net overseas immigration intake of 12,753 was the lowest June result in a decade, outside of COVID, when the country’s international borders were closed.
Both states attract the largest share of international students, which the government is trying to reduce through effective restrictions on universities and visa changes. This week’s mid-year budget update revealed the government expects to raise an extra $740 million from higher visa application fees for primary school students and their parents.
Despite the decline in immigration it still adds to Australia’s overall population. Of the 82,189 increase in residents in the June quarter, 61 percent was due to net overseas migration.
84 percent of the 1.6 million increase in the country’s population since the government’s election in 2022 was due to immigration.
The country added 82,189 residents in the June quarter; This was a slight increase from last year’s June quarter. The increase was due to strong natural population growth; While births increased by 6 percent to 77,607, deaths fell by 5.6 percent.
Western Australia continues to have the fastest growing population, increasing by 65,584 people or 2.2 per cent last year. It is currently home to 3.04 million people.
Victoria and Queensland’s populations grew by 1.8 per cent last year, reaching 7.07 million and 5.7 million, while NSW added 101,000 people, reaching almost 8.6 million.
Tasmania’s population grew by just 0.2 per cent last year. Its population increased by a single person in the June quarter, to 217 net immigrants and a natural population increase of 114, almost completely offset by the departure of 330 residents to other parts of the country.
The government forecasts net overseas migration will fall to 260,000 this financial year, then to 225,000 in 2026-27.
Despite the decline, the right-wing Institute of Public Affairs said net overseas migration had added 1.27 million people to the population in the past three years.
The massive purchase, which comes after a total loss of 94,000 during the pandemic, has increased social pressures, said Kevin You, a senior fellow at the institute.
“This is uncontrolled mass immigration on steroids, plain and simple. It causes social division, sectarian strife and makes mainstream Australians poorer,” You said.
While the country’s population is growing, it is not growing as fast as household wealth.
Separate figures from the bureau showed the net worth of Australians’ assets rose by 3.1 per cent, or $551.3 billion, in the September quarter to $18.4 trillion, an all-time high.
Household assets have increased by $1.5 trillion, or more than 9 percent, in the last 12 months.
The value of land and housing in the country increased by $283 billion, or 2.4 percent, reaching $12.2 trillion. Pension assets rose 3 percent to $4.5 trillion.
Mish Tan, the bureau’s head of financial statistics, said the recent increase in the superannuation guarantee, higher house prices and a rise in global stock prices were boosting Australians’ wealth.
“‘Global and local equity markets delivered a strong performance for the second consecutive quarter, increasing household retirement balances,'” he said.
Australian debt assets, which offset the value of assets, rose marginally to $3.2 trillion.
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Shane Wright- Shane is the senior economic correspondent for The Age and The Sydney Morning Herald.Connect with: excitement or email.
