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{{propApi.successMessage}} {{region}} Change locationPopulation data highlights contradiction in government policy
Population data highlights contradiction in government policy
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The ABS today released its National, State and Territory Population data for the December quarter 2024, covering births, deaths and migration.
“Population growth was driven by a net inflow of 340,800 overseas migrants, well above the average annual net inflow of around 220,000 overseas arrivals last decade,” added Mr Devitt.
“Within Australia, people are continuing to leave New South Wales, and to a lesser extent Victoria and the smallest jurisdictions, and head into Queensland and Western Australia.
“But even the jurisdictions losing residents interstate are absorbing enough overseas arrivals to see their populations expand.
“Victoria just passed 7 million residents at the end of last year, while Western Australia passed 3 million for the first time.
“Perversely, at the same time that the Australian government is stimulating demand for homes through strong migration, state governments are actively undermining the capacity to increase supply.
“Foreign capital is highly liquid. State governments have forced institutional investors into building apartments in other countries. As a consequence, multi-unit construction volumes in Australia have halved, likely costing state governments tax revenue.
“Stimulating housing demand at a federal level through record inflows of overseas arrivals, while simultaneously penalising those who finance housing supply at a state level, has been one of the worst policy own goals in recent Australian history.
“The Government has not balanced the goal of stable and reliable migration pathways with the removal of restrictions on new home building necessary to meet demand,” concluded Mr Devitt
Across the different states and territories, Western Australia saw the strongest annual growth in population, up by 2.4 per cent, followed by Victoria and Queensland (+1.9 per cent), the Australian Capital Territory (+1.4 per cent), New South Wales (+1.3 per cent), the Northern Territory (+1.2 per cent), South Australia (+1.1 per cent) and Tasmania (+0.3 per cent).
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Population data highlights contradiction in government policy
“Australia’s population reached 27.4 million by the end of 2024, up by 445,900 people, or 1.7 per cent for the year,” stated HIA Senior Economist, Tom Devitt.
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