Australia is experiencing a surge in population growth, reaching a new peak.

According to the latest figures released by the Australian Bureau of Statistics (ABS), the nation experienced unprecedented population growth, with a record increase of 624,000 during the 2022-23 financial year. This surge was primarily fueled by a record net overseas migration of 518,000.

In addition, recent ABS national accounts data for the December quarter revealed quarterly estimates of population growth derived from the netting of aggregate GDP from per capita GDP. These statistics indicated that Australia’s population expanded by 0.8% during the September quarter of 2023 and by 0.5% during the December quarter.

By extrapolating these growth rates from the most recent official population data, current up to 30 June 2023, it can be estimated that Australia’s population grew by 213,100 during the September quarter and 134,300 during the December quarter.