Recent data from the Australian Bureau of Statistics (ABS) shows a significant surge in Australia’s population, marking a historic increase of 624,000 during the fiscal year 2022-2023. This unprecedented growth was largely driven by a substantial net overseas migration, which accounted for 518,000 of the increase.
In addition to these figures, the ABS has released national accounts data for the December quarter, which includes population growth estimates based on GDP per capita. The data indicates a population increase of 0.8% in the September quarter of 2023 and 0.5% in the December quarter. Using these growth rates and the latest official data as of June 30, 2023, Australia’s population is estimated to have grown by approximately 213,100 in the September quarter and 134,300 in the following December quarter.
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The peak annual population growth for the year was recorded at 690,600 in the September quarter of 2023, with a slight decrease to 681,200 by the December quarter.
Interestingly, the population growth of 134,300 during the December quarter of 2023 represents a decrease when compared to the growth of 143,700 in the same quarter of the previous year. This suggests that while Australia has reached high levels of immigration and population growth, there may be a slight easing on the horizon.
However, the challenges are far from over. With the rates of dwelling construction at their lowest in a decade and the pace of population growth still high, Australia is facing a worsening rental crisis. The ongoing demand for housing, propelled by the population increase, is expected to continue outstripping the housing supply, underscoring a critical need for strategic planning and action in the housing sector.
Source: https://www.macrobusiness.com.au/2024/03/australias-population-growth-surges-to-new-high/
