The closure of the international border has caused net overseas migration (NOM) to crash during the pandemic, significantly slowing population growth for all states. With the greatest exposure to NOM pre-pandemic, Sydney and Melbourne continue to incur the brunt of this shock. The recent Delta variant outbreak and the subsequent halving of Australia’s arrival cap in July 2021 will act as a further drag on NOM over Q3 and Q4 2021. Beyond this point the outlook remains mostly unchanged, with the border gradually reopening from mid-2022.
What you will learn: