Australia's population has surged past 28 million, driven by an unprecedented migration boom. Revised government figures forecast 400,000 new migrants arriving in 2023, the highest annual number on record, with a further 315,000 expected in 2024, totalling 715,000 over two years. This is a sharp increase from the earlier combined estimate of 470,000.
Prime Minister Anthony Albanese has promised state and territory leaders greater input on visa policies after a national cabinet meeting on Friday. The surge is attributed to the lifting of Covid-19 border restrictions, with almost half of the 400,000 arrivals being international students. Albanese noted that fewer Australians are leaving to work overseas, further boosting population growth.
Opposition immigration spokesman Dan Tehan accused the government of creating 'a big Australia by stealth', warning of worsening housing affordability, rising rents, and increased congestion. The government plans to build one million homes over five years from 2024 and has announced a $2 billion investment and tax cuts to incentivise build-to-rent developments, including halving the tax rate for foreign developers from 30% to 15% from July 2024.
Rental protections are set to be harmonised across states and territories, but uniform laws remain unconfirmed. The government's $10 billion Housing Australia Future Fund is stalled in the Senate, reliant on Greens support. Data from March shows 80% of Sydney renters paid above asking price, with national rents rising seven times faster than wages and interest rates at their highest since 2012.
