Population accelerates
Australia's population is bigger and growing much more quickly than previously thought.
The estimated population increase of one person every 47 seconds means that there are around +50,000 more persons in Australia more than we thought only yesterday, and suggests a projected annual population growth of a level we've never previously seen (see below Tweet!).
Source: ABS
In this context it wasn't all that surprising to see the total employment fire higher again in this week's job numbers.
The rebound in population has been electric.
The ABS reported its December quarter estimates which showed annual population growth at very high levels in New South Wales (+138,000), Victoria (+137,700), Queensland (+116,600), and Western Australia (+62,700).
Total population growth in 2022 was close to +500,000, despite a surprisingly big drop in the estimated natural growth of the population.
That's less than, say, Canada, but it's extremely strong growth for Australia.
Source: ABS
Recent trends suggest that the population growth is running faster again in 2023.
This explains the large pressure on rental markets, with most new migrants typically being renters, at least initially.
PropTrack reported this week that the pressures on housing markets have shifted from regional Australia to the capital cities, as immigration accelerates and as some workers are called back in to the office.
