The Housing Industry Association has urged the government not to make any changes to its migration policy in the wake of new figures from the Australian Bureau of Statistics showing an increase in Australia's annualised population growth rate.

The ABS released data on Thursday showing the country's population now sits at 25.2 million people, with the rate having risen 0.03 per cent to 1.63 per cent over the year to December 2018.

HIA Chief Economist Tim Reardon said the figures showed Australia was continuing to attract skilled migrants from overseas, despite strong competition from other markets.

"Population growth in Australia has remained strong and stable for the past three years," he said.

“It is prudent for governments to maintain a stable, well-rounded migration intake as part of an overall population policy."

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Source: ABS

According to the ABS, all states and territories except for Northern Territory recorded positive population growth in the year ended 31 December 2018.

Victoria recorded the highest growth rate of all states and territories at 2.2 per cent, while the Northern Territory recorded the lowest growth rate at -0.4 per cent.

Mr Reardon said stable growth in population is a welcome development given the risk that further declines would pose for the residential building industry at this particular point in the cycle

“Dramatic changes in migration intake can create shocks in demand for private sector businesses, including those in the residential building industry," he said.

"Changes to migration policies that slow population growth risk adversely impacting Australia’s potential for economic growth." 

Click here to view the ABS figures.

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