Australia hits peak immigration

After Australia’s net overseas migration (NOM) hit a record high of 518,000 in the 2022-23 financial year, there are signs that immigration may finally be easing.

On Tuesday, the Australian Bureau of Statistics (ABS) released monthly arrivals and departures data, which showed that 84,150 net long-term arrivals landed in Australia over the November quarter, which was the lowest quarterly net arrivals figure since the three months to January 2023:

Nevertheless, annual net long-term arrivals hit an all time high 444,000 in November:

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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.