Slowdown in Australia population
09 August 2015 by News Desk
There has been a small decline in the growth of population in Australia but economic growth is on track at 3.5%.
Latest official figures show a dip in birth rates and net overseas migration that has caused a slowdown in population growth which fell to 1.4% in 2014 compared to 1.8% in 2012-13.
Net migration figures (the number of people leaving Australia compared to the numbers entering) has been driven by a slowdown in the mining and construction industries. The number of workers on 457 skilled visas in the mining industry fell to 15,570 in March, compared to 22,200 in May 2012.
The Reserve Bank of Australia predicts that the annual rate of population growth will be 1.5% over the next two and half years.
According to OECD stats, over 25% of Australia’s population was born overseas, compared to 12% and 11% for the US and UK respectively.
Darrell Todd, ceo of thinkingaustralia, says: “These new figures show a natural re-balancing of the economy in line with current global conditions. Australia remains an economic powerhouse and is on track to achieve consistent growth over coming years.”
In the May budget Australia’s treasury forecast that the country’s economy will see 3.25% growth in 2016-17, 3.5% in 2017-18 and 3.5% in 2018-19.
