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Immigration accelerates to 4-year high

Population growth is back

Population growth in Australia is accelerating again.

It looks as though the registrars have caught up on the missing births in New South Wales and Victoria, after a bit of a backlog.

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Wealth Retreat 2017 - Pete Wargent

The natural increase in the population is ticking along at around 155,500 per annum, but it was a sizeable uptick in migration from overseas that was the driver of stronger population growth.

Over the year net overseas immigration accounted for an extra 193,200 heads.

In fact the Q3 figure for net overseas migration was the strongest third quarter of the calendar year since 2012.

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The total Australian population increased by 91,316 in the September quarter, also a solid rebound.

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And as a result, total population growth accelerated to 348,700, or 1.5 per cent.

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The Australian population today is 24.4 million, but at the end of September 2016 it was 24,127,000.

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Overall, it looks as though you can chalk one up for a correct prediction that I’ve made here, which is always a nice bonus, though demographic trends are always prone to benchmarking changes.

Next up I’ll look at the much more interesting patterns from around the country.



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About

Pete Wargent is a Chartered Accountant, Chartered Secretary and has a Financial Planning Diploma. He’s achieved financial freedom at the age of 33 - as detailed in his book ‘Get a Financial Grip – A Simple Plan for Financial Freedom’. Pete now manages his investment portfolio, travels and works as a consultant in the finance industry from time to time. Visit his blog


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