Australia set to see biggest two-year population growth with migration boom

Australia is hit by a record population explosion with 650,000 immigrants arriving in just two years

  • Australia could experience its biggest population growth in two years
  • New data shows that 650,000 migrants will arrive this year and next

Australia is poised to experience its biggest ever population increase, with government figures revealing 650,000 migrants are expected to arrive this year and next.

More than half of the expected migrants arrived in Australia as part of the post-Covid boom in skilled workers, international students and working holidaymakers.

In the first three months of this financial year, from July to September 2022, some 106,000 migrants have arrived in Australia, according to authorities. The Australian.

Since September, another 304,000 people have come to live and work, with two thirds settling in New South Wales and Victoria.

It marks the highest population growth since March 2009.

Australia is predicted to experience its biggest two-year population growth ever, with some 650,000 migrants arriving this financial year (pictured, skilled workers)

Jim Chalmers has revealed that net overseas migration is likely to reach 350,000 this financial year, a 50 percent increase over what was projected in the October budget and January’s annual population statement.

He said the sudden growth will be accounted for in the Albanian government’s second budget, due in five weeks.

Treasury Secretary Steven Kennedy told a Senate hearing last month that temporary migration had recovered faster than expected.

“Net overseas migration rates are being artificially inflated this year by the resumption of inflows of international students and working holidaymakers,” said Dr Kennedy.

“Combined with a broad-based weakening in labor demand, an increase in net overseas migration should help alleviate skills and labor shortages, particularly for hospitality and retail.”

High numbers of migrants, tourists and working holidaymakers are expected to boost spending, government taxation and demand for services.

Jim Chalmers said the sudden growth will be accounted for in the Albanian government's second budget (pictured, Prime Minister Anthony Albanese and his partner Jodie Haydon)

Jim Chalmers said the sudden growth will be accounted for in the Albanian government’s second budget (pictured, Prime Minister Anthony Albanese and his partner Jodie Haydon)

In particular, the influx of migrants has raised concerns about Australia’s housing shortage and limited rental market.

“Bigger isn’t better, it’s just bigger,” said economist Chris Richardson.

It’s good for the construction industry. We haven’t built enough houses.

“Covid pushed us to smaller households, but we definitely need more supply.”

After 10 consecutive interest rate hikes, National Australia Bank economists said rents in major cities have risen by about 11 percent.

“This has contributed to a sharp contraction in the rental market, with vacancy rates falling to around or below 1 percent in most cities,” NAB said.

Dr. Chalmers said a key focus of the forthcoming budget will be the cost of living, with the wave of migration being a key factor in the government’s fiscal package.