Australia is set to see its biggest-ever
immigration surge with government figures revealing 650,000 migrants are
predicted to arrive this financial year and next.
The sudden population boom is likely to put even greater
pressure on the national housing crisis which has seen record rent rises as too
many tenants compete for too few homes.
But it will also ease workforce shortages which have
caused chronic job vacancies where employers have struggled to find staff to
fill positions, especially in retail, healthcare, hospitality and tourism.
The revised migration data comes after just
300,000 migrants touched down in the country during the three years of pandemic
lockdowns and lockouts.
Treasury officials in 2019 predicted a total of
1.2million migrants would arrive in the country by the end of 2024, but that
figure has now been revised down to 950,000.
The latest analysis means the country is expected to see
650,000 migrants start a new life in Australia by the end of the 2024 financial
year.
At least 350,000 are predicted to settle in
Australia this financial year with 300,000 more in the following 12 months.
The previous record high over two financial years was
577,000 migrants in 2008 and 2009 under Prime Minister Kevin Rudd.
The sudden surge in the population is set to deliver a
budget windfall to the government with a boost in consumer spending and taxes
to help economic growth.
But it will add to the deepening homes crisis, with
housing supply unable to meet the needs of renters, while soaring interest rates
and the high cost of living have curbed property sales.
The rapid rise in immigration will see Australia's
population pushing 27million by June next year and tipped to hit almost
30million in 2033 according to Treasury projections.
More than half of the expected migrants arrived in
Australia as part of the post-Covid boom in skilled workers, international
students and working holiday-makers.
In the first three months of this financial year, from
July to September 2022, a record 106,000 migrants arrived in Australia,
reports The Australian.
They were part of a wave of 304,000 immigrants arriving
in the country in the year to September as borders reopened after Covid
restrictions shut Australia down.
It was the highest population rise since March 2009, but
is set to be overshadowed by the flood of migrants now predicted in the 15
months ahead.
Jim Chalmers has revealed net overseas migration this
financial year is likely to be 350,000, a 50 per cent rise on what was expected
in the October budget and January's annual population statement.
He said the sudden growth will be a key factor in the
Albanese Government's second budget, set to be delivered in six weeks which
will focus on cost-of-living relief.
Treasury secretary Steven Kennedy told a Senate hearing
last month temporary migration had recovered faster than expected.
'Net overseas migration numbers are being artificially
boosted this year by the resumption of inward flows of international students
and working holidaymakers,' Dr Kennedy said.
'Coupled with broad softening in hiring demand, increases
in net overseas migration should help to ease skill and labour shortages,
particularly for the hospitality and retail sectors.'
The high number of migrants, tourists and
working holidaymakers is expected to boost spending, government tax take and
the demand for services.
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