Australian budget Australian Economy Immigration

Budget’s immigration figures are wildly understated

Wednesday 26 October 2022

Last night’s federal budget included the below table showing that net overseas migration (NOM) would be 235,000 every year from 2022-23 onwards:

This projection is in line with the latest Intergenerational Report, which tips 235,000 NOM into eternity:

Because of this strong projected immigration, Australia’s population is tipped to grow by 357,000 (1.4%) in 2022-23 and by 369,000 (1.4%) in 2023-24:

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.