Immigration rebounds
Arrivals into Australia increased to 1,081,610 in July, according to the ABS, for a monthly increase of 351,210 trips.
Departures increased by a slower 87,630 to 968,490.
While short-term arrivals are still way down from their historic highs, long-term and permanent migration into Australia are getting close to normalising, at more than 60,000 in July.
With arrivals now comfortably outpacing departures this has profound implications for the easing of labour force capacity constraints (and for chronically tight rental markets, because most new arrivals are renters):
Source: ABS
This is only the first month of immigration getting back to normal, of course.
The guys at Macquarie Macro have a great track record of picking turning points, and their chart shows how net immigration into Australia is likely quickly heading back to record highs by next year.
Finally, Australia is opening up!
