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Economic Update

CBA Economics: Net overseas migration continues to drive population growth

Australia’s population rose by 94.1k (0.4%) over the December quarter 2012 to take the annual increase to 394.2k. The increase means that Australia’s population was just under 23 million at the end of 2012. Over the year to QIV 2012, the population growth rate was 1.8% – the highest since QIII 2009. Net migration continues to be the major contributor to population growth. It was 235.9k over 2012, the highest annual increase since 2009.

In brief:

Population Growth

Net immigration is the biggest driver of population growth. The birth rate has picked up recently.

 

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