Australia's population growth reaches two-year low

Australia's population growth has reached its lowest level in years, according to the Australian Bureau of Statistics. The government's efforts to reduce rapid population growth are showing results. Fewer migrants are entering the country, and more people are leaving. In the year ending September, Australia’s population grew by only 1.8%, adding 484,000 residents. This growth is the smallest since September 2022. The country now has a population of 27.3 million. The net increase from migrants was just 89,806, down 38% from the previous year. Incoming migrants have decreased by 22%, while departures have increased by the same percentage. Between June and September, only 274,500 migrants came to Australia, a significant drop from the record numbers seen in 2023. The Treasurer has adjusted migration expectations, projecting 340,000 for the current financial year, but this is expected to fall to 260,000 next year. Natural population growth, which is the difference between births and deaths, added 25,211 people, but deaths are at their second-highest level on record for this quarter. Despite a slight increase in births, the birth rate remains at an all-time low. Western Australia is the fastest-growing state at 2.5%, while Victoria's population has also increased to over 7 million. New South Wales, however, saw a slower growth rate of 1.4% and experienced a net loss of residents to other states. Migration and population growth will be key issues in the upcoming election. Opposition Leader Peter Dutton has pledged to reduce annual net migration to 140,000 and increase it gradually as housing becomes available. He noted the importance of migration to Australia's identity but criticized the current government's approach. On the jobs front, the labor market may be softening, as the unemployment rate held steady at 4.1% but total employment fell by 52,800 in February. The decline was most notable in Tasmania. The new employment figures have prompted questions about the job market's strength and its influence on inflation.