Record immigration
The ABS released the latest arrivals and departures figures, and the numbers are big...really big!
Source: ABS
It was the biggest January on record for permanent and long-term arrivals at 125,410 (+28 per cent from last year).
Overall, there were more than 2.1 million arrivals in January 2024, which is obviously a lot.
Source: ABS
On the other hand permanent and long-term departures declined by -8 per cent from a year earlier, to around 70,000.
Over the year net permanent and long-term immigration has accelerated towards ½ million.
This has solved the labour shortage, but created a massive dwelling shortage in its place.
As such the inflation shifts from wages to the price of new housing and rents.
Chinese visitors are way down on the pre-COVID days but are at least recovering (and February will see 200,000 arrivals from China given the timing of Lunar New Year).
If you're not following Antipodean Macro and Only Charts yet...well, you should be!
Here Justin Fabo looks at the trends for net overseas migration, which are accelerating again.
There's not too much to add here except with tent cities springing up, there's a serious political issue brewing related to immigration levels, which are presently faster than our capability to build for.
Expect the government to make a fresh announcement on visas, as was the case with housing targets, but whether anything meaningfully changes any time soon is another question.
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