For the first time, more than 100,000 foreign nationals have landed in Australia in a single month, marking a significant immigration milestone for the nation.
With eight times the milestone amount of new dwellings allowed, the already severe housing problem will worsen.
According to the Australian Bureau of Statistics, 105,460 permanent and long-term arrivals were made in February, compared to 55,330 in January.
Many overseas students rushed to Australia at the start of the academic year.
Inadequate building activity to fulfill the needs of the quickly expanding population has resulted in rental vacancy rates in Australia’s major cities, which are now around 1%.
A small percentage of the monthly net immigrant arrival total in February was attributable to the allowed number of homes, flats, and government units. Major cities’ rent has risen sharply during the last year, often by double digits.
Daniel Wild, the Institute of Public Affairs’ deputy executive director, said this scenario might precipitate a housing crisis.
In the fiscal year of 2023–24, Australia’s net overseas migration is projected to fall to 375,000, according to the Mid-Year Economic and Fiscal Outlook from the Treasury.
Nonetheless, things seem quite different, as 498,270 net arrivals were recorded in the year before February. This figure includes both short-term visitors like foreign students and long-term migrants with specific skills.
An unprecedented 548,800 people migrated to Australia the year before September, contributing 83.2% to the country’s overall population increase.
When all factors were considered, the 2.5% increase in the population was the most it has been since 1952.
Australians aren’t buying homes, says Mr. Wild, because of the country’s high immigration rate.
Based on the statistics, he warned that the federal government’s migratory program could not continue indefinitely.
