Immigration hits record, but...
The ABS released its latest Arrivals and Departures figures for the month of November 2023.
Permanent and long-term arrivals continued to rise to a record high of 1.085 million over the year to November.
However, quite a large number of people have been freed up to leave the country now as well.
Indeed, looking at the latest trends, it looks like net permanent and long-term immigration of +444,000 over the year to November could well prove to be very close to the peak...
Adding in short-term movements (e.g. international students) and the natural increase of the population - births minus deaths - this points to a record high population growth for Australia in calendar year 2023 of well over +600,000.
Treasury forecasts of net immigration of +375,000 for the financial year to 30 June 2024 look to be a little undercooked.
Short-term arrivals from China continued to recover, meanwhile, but remain way below pre-pandemic highs.
Unemployment to edge higher
SEEK reported another solid enough result for job advertisements, which were steadily down -17.4 per cent from a year earlier.
Applications per job advertisement increased +6 per cent in December, reported SEEK, as the previously exceptionally tight conditions continue to loosen gradually.
With the size of the labour force exploding back to life this year, we should probably expect to see the unemployment rate rising towards 4½ per cent, according to ANZ-Indeed's latest figures.
The latest ABS employment data for December will be released on Thursday.
The property market seems to have gotten off to a quieter and more subdued start in 2023, albeit not so much in Brisbane where stock listings remain very low.
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