With record growth through overseas migration, Australia has seen the largest annual increase in population in the nation’s history. Australia’s population has increased by 624,100 in the 12 months to June 2023, equivalent to adding the population of the entire state of Tasmania (572,800) in just one year, or one new Aussie every 50 seconds. This annual growth is 41% higher than the previous annual record when the population increased by 442,500 in 20091. This is a really significant number in the context of a relatively small population, and our immigration surge stimulated our economy in 2023.
Based on the latest annual growth rate of 2.4%, Australia’s population will reach 41 million by 2042, 16 million more than the forecast estimates made in Treasury’s Intergenerational Report 2002.
When will Australia reach 28 million people?
If the current growth persists, the next million could take less than two years, projected to be achieved on the 25th of August 2025.
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