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This is the compilation of the natural rate of population growth, overseas migration and interstate migration.
“The population of Australians aged between 15 and 64 has fallen since COVID,” stated Nick Ward, HIA’s Senior Economist.
“Migrants to Australia are typically younger than existing residents. With the restriction on new arrivals, the number of working age Australians has fallen by around 83,500 people in 2020/21 financial year,” added Mr Ward.
“This is continuing to make it increasingly difficult for businesses to find skilled workers. The loss of young migrants also accelerates population aging, adding pressure to government budgets over the long term.
“Australia’s population growth remains at the lowest it has been in over 100 years, with growth of just 0.18 per cent over the past year. In 2018/19, Australia’s net migration was around 241,300 people. In 2020/21, Australia lost around 88,800 migrants in net terms.
“A return to stable and reliable skilled migration pathways is central to a return to stable economic growth,” concluded Mr. Ward.
This week, HIA’s National Board of Directors, Regional Committee Chairs and Senior HIA figures came together and debated the impact Government regulations and continuing change is having on the residential building industry and in driving up the cost of construction.
HIA provided a submission to the Fair Work Commission on the national annual minimum award review and for the Expert Panel to consider the specific issues confronting the residential building industry.
“This week the Housing Industry Association (HIA) brought together Australia’s construction industry leaders. The overwhelming consensus of the group was that the Government’s Housing targets cannot continue to be just another ‘aspirational target or housing statement’ but must result in the actual delivery of these much-needed homes,” HIA Managing Director, Jocelyn Martin, said today.
At Friday’s Work, Health and Safety (WHS) Ministers meeting, Ministers determined the next steps to move forward with the implementation of a ban on engineered stone.