Australian immigration rockets to new heights

Wednesday 17 May 2023

Recall that last week’s federal budget massively ramped up Australia’s net overseas migration (NOM) projections:

NOM is now expected to hit a record high 400,000 in 2022-23 before falling to 315,000 in 2023-24. Then it will fall to 260,000, where it will stay over the forward estimates.

These new projections were a large increase on the October budget’s, which forecast 235,000 NOM between 2022-23 and 2025-26:

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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.