The population will get significantly larger over the next decade, despite a steady decline in population growth, according to projections from the Centre for Population.
Australia’s population expanded by 2.4% in the 2022-23 financial year. However, that growth is expected to slow to 1.9% this financial year, 1.4% the year after and 1.2% by 2033-34, due to a marked decline in overseas migration.
Nevertheless, the population is expected to rise from 26.6 million in 2022-23 to 30.9 million in 2033-34.
Treasurer Jim Chalmers said understanding population trends was necessary to build a strong economy and a dynamic labour force.
“We recently released our Migration Strategy and we are taking considered and methodical steps to ensure Australia has a carefully calibrated migration system that works in our economic national interest,” he said.
“We are also working to improve the liveability of our cities, suburbs and regions including through significant investments in housing supply, a recalibration of the infrastructure pipeline, and substantial investments in Medicare and essential services.”
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