by Sanjeev Sah | Oct 10, 2023 | Market Updates

Australia’s population has hit 26.5 million after growing 2.2% in the year to March 2023, according to recent Australian Bureau of Statistics (ABS) data  

The increase was driven by a post-pandemic migration boom, with 681,000 people coming to live in the country in the year to March 2023.  

With only 226,600 people leaving, net migration was 454,400, accounting for 81.0% of total population growth.  

By contrast, natural increase was 108,800 people. 

As the table below shows, Western Australia is the fastest-growing state (2.8%) followed by Victoria (2.4%) and Queensland (2.3%).  

However, the largest increase in total population was Victoria with 161,700 people, which was slightly more than New South Wales with 156,300 people.