Indeed, strip away population growth and the economy would have expanded by just 1.3 percent.Yet the influx of able bodies has also expanded the workforce right at the time when employers were ramping up their demand for labor, restraining wages growth.Policymakers at Australia’s central bank have been baffled by the divergence between employment and wages, citing the mystery as an argument against a rise in interest rates anytime soon.
However, even at the beginning of next century, population growth would remain clearly positive due to the level of net overseas migration.
Under the high assumption (Series A), where fertility increases to 2.0 babies per woman, net overseas migration is 220,000 per year and life expectancy at birth reaches 94 years for boys and 96 years for girls, the strong population growth is driven more or less equally by natural increase and migration.
Series B projects the population to reach 35.5 million by 2056 and 44.7 million by 2101.
This is equivalent to an average growth rate of 1.4% per year from 2007 to 2026, slowing to 0.9% per year from 2027 to 2056, and 0.5% per year for the rest of the century.
Much of Australia’s growth came in net overseas migration, which surged more than 27 percent in the year to June to 245,500.
That was the highest 12-month total since 2009, while the flow into the states of New South Wales and Victoria beat records. We (Oath) and our partners need your consent to access your device, set cookies, and use your data, including your location, to understand your interests, provide relevant ads and measure their effectiveness.Oath will also provide relevant ads to you on our partners' products.While we cannot know with any certainty what Australia's future holds in terms of migration, fertility and life expectancy, we can model or project population growth and population change using a range of assumptions. POPULATION GROWTH From around 21 million people in 2006, Australia's population is projected to grow to between 30.9 million (Series C) and 42.5 million (Series A) people in 2056, and to reach between 33.7 million (Series C) and 62.2 million (Series A) in 2101.The Series B projection, in which fertility is assumed steady at 1.8 babies per woman, net overseas migration is 180,000 people per year and life expectancy at birth reaches 85 years for boys and 88 for girls, most closely reflects actual recent levels of the components of population change of the main series.The flood of newcomers, mostly on skilled migrant programs, is one reason property prices have been on a tear in recent years, especially in Sydney and Melbourne.The extra demand created by all these new Australians was also a major reason the economy grew a brisk 2.8 percent in the year to September.Tip: Sign In to save these choices and avoid repeating this across devices.You can always update your preferences in the Privacy Centre.We also use this information to show you ads for similar films you may like in the future.Like Oath, our partners may also show you ads that they think match your interests.