Migration reversal exacerbates worker shortage

The most recent ABS data showing the estimated resident population in all states and territories indicates that Australia’s growth has all but stalled.

This is the compilation of the natural rate of population growth, overseas migration, and interstate migration.

HIA senior economist Nick Ward said that Australia’s population growth slowed to just 0.3 per cent over the year to the September quarter of 2021, close to the slowest rate of growth for more than 100 years.

“Population growth has slowed as net overseas migration, previously a source of growth, has reversed and turned negative.

“Migration is an important source of young people, including workers, the reversal of migration is almost certainly contributing to the worker shortages that businesses are experiencing.

“A return to stable and reliable skilled migration pathways is central to a return to stable economic growth.”

Population growth has fallen significantly but remained positive in: Queensland (+1.11 per cent), Western Australia (+0.67 per cent), New South Wales (+0.30 per cent), South Australia (+0.14 per cent) and Tasmania (+0.03 per cent).

Population growth has turned negative in: the Australian Capital Territory (-0.07 per cent), the Northern Territory (-0.24 per cent) and Victoria (-0.49 per cent).

The Australia population forecast for 2022 is expected to be 25,768,000 and is forecast to grow to 31,433,000 by 2041.