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Terry’s View – Growth Exacerbates Shortages

Terry’s View – Growth exacerbates shortages

One of the core reasons the national shortage of dwellings is so serious is that it coincides with a record increase in the nation’s population.

The latest data shows that Australia’s population grew 651,000 in 2023, the highest number in the nation’s history – and 84% of that growth was attributed to overseas migration.

The record level of population growth last year did NOT cause the shortage of dwellings, including the under-supply of rental homes. The seeds of that shortage were sewn years earlier by bad government policy and have been exacerbated by bad governance every year since.

However, that very high level of population growth last year has made a serious problem more dire.

Australia now has a population of 27 million, up 2.5% in 2023.

All states and territories recorded population growth last year, although many were net losers of population to interstate migration. It was overseas migration and natural increases that allowed the weakest jurisdictions to record increases, despite losing population from people leaving to live elsewhere in Australia.

Some of the winners on population growth include …

● Victoria had the highest rise in population numbers, increasing by 186,491

● Queensland had by far the largest net gain from interstate migration and overall added 141,378 people to its population

● Western Australia recorded the biggest population increase in percentage terms last year rising 3.31%, followed by Victoria (up 2.78%) and Queensland (2.62%)

● NSW made the biggest gains from overseas migrations but was the biggest net loser from internal migration

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