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Thursday, 15 December 2022

Population rebound underway in FY22

Population predictions

The latest demographic figures for the June 2022 quarter suggested that the mad rush to move to Queensland was finally slowing by middle of this calendar year.

Over the financial year Queensland saw net interstate moves of a record +55,000.

Western Australia has also been popular of late with interstate migrants.

As a result over the financial year Queensland topped the charts with population growth of +104,400 or 2 per cent.

Source: ABS

The interesting thing is that this happened through a period where there was at times no inbound immigration at all on a net basis.

Looking ahead, New South Wales will lead immigration in 2023, and eventually fewer people will leave New South Wales and Victoria for Queensland. 

This is good news for New South Wales, where the unemployment rate has been extremely low lately, at just 3 per cent. 

In the first half of 2022 Australia's population increased by +212,330, but this was before the massive rebound in temporary visas really hit its straps in the second half of 2022, and before the government really began to address the visa backlog in earnest.

This adds some weight to my theory that population growth could approach a record +500,000 next year.