On Friday, the Australian Bureau of Statistics (ABS) released monthly and arrivals data, which suggested that net overseas migration (NOM) into Australia continues to push higher.
Over the August quarter, there were 144,000 net long-term arrivals into Australia – easily a record for an August quarter and nearly triple the 53,900 that landed in the same quarter of 2022:
In the year to August, there were a record high 639,400 net long-term arrivals into Australia:
Abul Rizvi noted on Twitter the enormity of the numbers and that it means that Australia’s net overseas migration (NOM) will break new records when the official numbers are released:
Indeed, there has historically been a strong correlation between the ABS’ monthly net long-term arrivals figures and Australia’s official quarterly NOM:
Justin Fabo from Macquarie Group has presented the data differently and shows why Australia’s NOM will skyrocket to new highs:
Source: Justin Fabo (Macquarie Group)
The ABS also released monthly visa data, which shows that net visa arrivals are landing at a record pace, driven by international students:
The below chart from Justin Fabo has broken these numbers down by category and shows the out-sized impact that international students are having on Australia’s NOM:
Source: Justin Fabo (Macquarie Group)
These numbers are an unmitigated disaster for Australia’s rental market, which is already the tightest on record with vacancy rates across the combined capital cities tracking at just 1.0%:
Source: CoreLogic
By running the biggest immigration program in history, the Albanese Government is driving renting households into severe financial stress, share housing or homelessness.
Renting households should be rioting in the streets at the injustices being perpetrated on them by the federal government.
