Every year, buried at the very back of the federal budget, is the Australian Treasury’s net overseas migration (NOM) and population forecasts.
Tuesday’s Budget is expected to lift Australia’s NOM projection for 400,000 this financial year, followed by 315,000 in 2023-24.
That would be a record high, easily eclipsing the 235,000 NOM projected in the September Budget, January’s Population Statement, and the longer-term projections of Treasury’s Intergenerational Report.
