With the border closed until mid-2022, suppressed net overseas migration will limit Australia’s population growth to only 48,200 people in FY2021. It is expected to take until FY2024 to return to trend, near 375,600 people per annum.
Australia’s population outlook hinges on a fragile border reopening timeline, with further delays a downside risk to the outlook. When the border does reopen and stored demand to migrate to Australia can be realised, risk skews to the upside
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