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“Australia’s population growth has slowed to just 0.14% over the past year, the slowest rate of growth for more than 100 years,” stated Nick Ward, HIA’s Senior Economist.
ABS data released today shows the estimated resident population in all states and territories. This is the compilation of the natural rate of population growth, overseas migration and interstate migration.
“Population growth has slowed as net overseas migration, previously a source of growth, has reversed and turned negative,” added Mr Ward.
“The sharpest decline in resident population has occurred in Victoria where the population contracted by 0.64 per cent. The number of people departing Victoria for other states and overseas is more than double the natural population growth over the past year.
“All other jurisdictions maintained positive population growth, albeit at just a fraction of their pre-COVID rate of growth.
“ The loss of population growth is a concern for a number of reasons. Population growth is a key driver of economic growth. Australia needs economic growth to maintain the standard of living all Australians expect. Growth supports the ability of Governments to deliver the services and support Australians need and expect.
“Prior to the COVID recession, the average net migrant was 24 years old and the average Australian resident was 39 years of age. Australians aged 65 years and over make up more than 16per cent of the population. This share is rising.
“ The loss of overseas students and skilled migration has almost certainly seen the average age of migrants increase and accelerated the ageing of the Australian population.
“ A return to stable and reliable skilled migration pathways is central to a return to stable economic growth,” concluded Mr. Ward.
Population growth has fallen significantly, but remained positive: Qld (+0.85 per cent), WA (+0.57 per cent), NT (+0.48 per cent), ACT (+0.39 per cent), TAS(+0.39 per cent), SA (+15 per cent), NSW (+0.14%). Population growth in Victoria declined by -0.64%.
HIA has recently been alerted by our 3rd party global cyber security service provider, of ransomware on our system.
The Tasmanian Government has released the Residential Building (Miscellaneous Consumer Protection Amendments) Bill 2022 for consultation. HIA has raised concerns with some elements.
Geraldton’s own third year carpentry and joinery apprentice Callum Marquis from Connolly Creative Building Co. has been named 2022 HIA Stratco WA Peter Stannard Apprentice of the Year.
Victoria’s peak housing body HIA has tabled a ten point plan to assist home ownership in the lead-up to the State election in November.
HIA has recently been alerted by our 3rd party global cyber security service provider, of ransomware on our system.
The Building and Construction Industry (Security of Payment) Act 2021 (WA) (SOP Act) applies to some construction contracts but excludes others. Before you make a claim under the SOP Act, it is important to confirm that your contract is covered.
The Tasmanian Government has released the Residential Building (Miscellaneous Consumer Protection Amendments) Bill 2022 for consultation. HIA has raised concerns with some elements.
Geraldton’s own third year carpentry and joinery apprentice Callum Marquis from Connolly Creative Building Co. has been named 2022 HIA Stratco WA Peter Stannard Apprentice of the Year.