“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%.