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Australia will receive 650,000 immigrants in just 2 years

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  • Post last modified:December 18, 2023

Australia will be hit by a record population boom with 650,000 immigrants arriving in just two years.

Australia could see strongest population growth in two years

New data shows 650,000 migrants coming this year and next. Immigration has steadily increased with government figures revealing that 650,000 migrants are expected to arrive this financial year and next.

A sudden population boom is likely to put more pressure on the national housing crisis, resulting in record rents as too many tenants compete for too few units.

But it would also alleviate labor shortages that have caused chronic vacancies as employers struggle to find staff for positions, particularly in the retail, care and retail sectors. healthcare, hospitality and tourism.

The revised migration data comes after only 300,000 migrants landed in the country during the three-year lockdown and pandemic shutdown.

Treasury officials in 2019 predicted that a total of 1.2 million migrants would arrive in the country by the end of 2024, but that number has now been revised down to 950,000.

Latest analysis shows the country will see 650,000 migrants start a new life in Australia by the end of financial year 2024.

At least 350,000 are expected to move to Australia this financial year and another 300,000 over the next 12 months. 55,555 The previous two-year record was 577,000 migrants in 2008 and 2009 under Prime Minister Kevin Rudd.

A sudden increase in population will provide financial returns to the government with increased consumer spending and taxes to support economic growth.

But it will exacerbate the housing crisis, with a housing supply unable to meet tenant demand, while soaring interest rates and high cost of living have dented property sales. produce.

Rapidly increasing immigration will bring Australia’s population to 27 million by June next year and is expected to reach close to 30 million by 2033, according to the Department of Finance’s projections.

More than half of migrants are expected to have arrived in Australia as part of the post-Covid boom of skilled workers, international students and people on working holidays.

During the first three months of this financial year, from July to September 2022, a record 106,000 migrants arrived in Australia, The Australian reports.

They were part of a wave of 304,000 immigrants to the country in the year to September when borders reopened following the closure of Covid-19 restrictions in Australia.

This is the largest population increase since March 2009, but it will be eclipsed by the expected influx of migrants over the next 15 months.

Jim Chalmers has revealed that net outbound migration for this financial year is expected to be 350,000, a 50% increase from that expected in the October budget and January annual demographic report.

He said the sudden growth will be a key element of the Albanian government’s second budget, which is due in six weeks and will focus on reducing the cost of living.

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

“The net outbound migration figures are artificially inflated this year due to an increase in the influx of international students and those on working vacations,” said Dr. Kennedy.

“Along with widespread employment easing demand, an increase in net outbound migration is expected to help alleviate labor and skills shortages, particularly for the hospitality and retail.

Large numbers of active migrants, tourists and holidaymakers are expected to boost government spending, taxes, and demand for services.

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,” says economist Chris Richardson.

‘ Good for the construction industry. We haven’t built enough houses yet.

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

After 10 consecutive rate hikes, National Australia Bank economists say rents are up around 11 per cent in major cities.

“This contributes to a tightening of the rental market as vacancy rates fall to around 1% or less in most cities,” NAB said. Government sources claim the migration peak is temporary and will return to the 10-year pre-Covid annual average of around 230,000 migrants after 2024.