Australia’s population has soared to 26.6 million people, rising 2.4 per cent in the past year, as overseas migration reaches record levels, new data has found.

Overseas migration has risen dramatically by 72.7 per cent in the past year, adding 518,000 people to Australia’s population in the 2022-23 financial year, according to the latest data released by the Australian Bureau of Statistics (ABS).

Jenny Dobak, ABS head of migration statistics, said:

“Although overseas migration was a record high in 2022-23, the cycle of migration has not returned to the pattern seen prior to the COVID-19 pandemic.

Many potential migrants didn’t come to Australia in 2020 and 2021 because of border closures and other pandemic impacts.

During this time temporary visa holders recorded the largest declines in arrivals. In 2022-23 the number of migrants arriving on temporary visas has gone up but the number departing has reduced slightly.

Migrant arrivals went up by 73 per cent compared to a year ago.

Migrant departures, on the other hand, fell by 2 per cent and are at the lowest level since 2006-07.”

According to the ABS data, in 2022-23, 737,000 migrants arrived in Australia.

Three out of every four arrivals were on temporary visas (554,000).

More than half of the temporary visa holders were international students (283,000), the most common group.

The number of migrant departures in 2022-23, dropped to 219,000 people, down from 223,000 the year before.

Ms Dobak further said:

“Due to the impact of travel restrictions during the pandemic, many temporary migrants currently living in Australia have only arrived relatively recently and are not yet required to leave.

This has resulted in a smaller number of migrant departures in 2022-23.

Before the pandemic, there was a constant flow of temporary migrants arriving and departing. This cycle hasn’t returned to a regular pattern and has had an upward impact on net overseas migration in 2022-23.”

Many of those now arriving on temporary visas, such as international students, may start to leave as they finish their studies in the coming years.

This would have a downward impact on net overseas migration in the future.

The top five countries of birth contributing to net overseas migration in 2022-23, were India, China, the Philippines, the United Kingdom and Australia.

In 2022-23, the median age of migrant arrivals was 27 and for migrant departures, it was 33.

About Chris Dang
Chris Dang is an accountant by training and has worked in the Financial Planning industry for many years. Chris brings together property, accounting, and financial planning experience to help clients of Metropole Wealth Advisory create a holistic plan for their wealth.