More staying put
Fewer people are leaving New South Wales and Victoria now as the affordability gap closes with other states, such as Queensland, Western Australia, and South Australia.
Indeed, with many Victorians having headed home from south-east Queensland, Victoria recorded a small surplus of net interstate movements over the first half of 2025.
There have been several indicators of a potential reacceleration in immigration in 2025, but if it has happened it's not yet evident in these figures.
Population growth was actually pretty steady at +420,100 over the financial year 2025, or +1.5 per cent.
Western Australia (+2.2 per cent) continued to experience the fastest population growth over the 2025 financial year, and Tasmania (+0.2 per cent) the slowest.
In absolute terms there was a big population uplift over the year in Victoria (+123,500), New South Wales (+101,800), and Queensland (+97,900).
Source: ABS
It remains to be seen whether immigration did pick up in the latter half of 2025, but tighter international student visa regulations are at least keeping a lid on things.
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The ABS reported that household wealth increased by a further +3.1 per cent over the September quarter to A$18.4 trillion.
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