Population growth at record low - HIA

Contact

Jun 18, 2021

Population growth at record low - HIA

“Australia’s annual population growth has fallen to its slowest rate since 1916 with the sharpest decline occurring in Victoria,” stated Tim Reardon, HIA’s Chief Economist.

Depositphotos

“Australia’s annual population growth has fallen to its slowest rate since 1916 with the sharpest decline occurring in Victoria,” stated Tim Reardon, HIA’s Chief Economist.

ABS data released today shows the estimated resident population in all states and territories. This is the compilation of the natural rate of population growth, overseas migration and interstate migration.

“Australia’s population growth rate has averaged 1.51 per cent over the past 20 years.

“In 2020, this growth rate fell to just 0.53 per cent over the year to December 2020 as overseas migration ceased.

“Even at the peak of the 1990’s recession, when more people were leaving Australia than arriving, the population growth rate did not drop below 0.89 per cent.

“In 2020, there were as many residents leaving Australia as arriving. This includes a loss of 74,000 residents overseas in the three quarters to December 2020.

“The loss of population growth is not evenly spread amongst the states and territories.

“Victoria has experienced the worst population growth rate of any jurisdiction in 2020 resulting in zero population growth. In the December quarter alone, the net loss to international migration of 18,000 people from Victoria exceeds the net loss of 7,000 for all other jurisdictions combined.

“Compounding this, Victoria recorded the largest net outflow of residents to other states.

“This is a significant turnaround for Victoria. Population growth has been central to the states strong economic performance over the decade. It has consistently attracted more overseas and interstate migration than other states.

“Queensland was the biggest beneficiary of interstate migration. By attracting more residents from interstate than any other region it has helped offset the loss of overseas migration.

“Stable and reliable skilled migration is essential for the sustainability of Australia’s economic growth, beyond the initial recovery,” stated Mr Reardon.