Immigration climbs down from Mount Everest

Friday 17 January 2025

December’s Mid-Year Economic and Fiscal Update (MYEFO) upgraded Australia’s net overseas migration projection for 2024-25 from 260,000 to 340,000 (see below table).

Source: December 2024 MYEFO

Every budget and MYEFO released by Labor since it was elected has badly underestimated Australia’s net overseas migration. Specifically:

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.