Australia needs 329 new homes per day just for migrants

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Last week’s demographic data from the Australian Bureau of Statistics (ABS) highlighted the impossibility of ‘solving’ Australia’s housing crisis amid record immigration-driven population growth.

As shown in the next chart, Australia’s population soared by a record 497,000 in calendar year 2022, off record net overseas migration (NOM) of 387,000:

Australian population change

This means that Australia’s population grew by 1,361 people per day last year, driven by NOM of 1,060 per day.

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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.