The Australian Bureau of Statistics published population data for March 2021, which showed an increase in population of 21,000 people, to be 36,000 higher than in March 2020. The Corona crunch for population growth, which was 376,000 in the year to March 2020 (pre-crisis). So population growth has slowed to one tenth in approximate terms. Net overseas migration was -95,000 over the year, with natural increase of 131,000 over the year. In fact, the March 2021 quarter saw a little baby boom of sorts.
Interestingly, NOM was -53,500 in Victoria over the past year, whereas NSW only had an exodus of -13,500. That indicates the world’s most locked down city has taken a toll on residents. Many Aussies are moving interstate, while others are fleeing the country entirely.
The Chart above shows Victoria has shifted from being a net attractor of residents to now losing around 1,500 residents (net) every month. No small change. Queensland remains the preferred haven, with over 30,000 net residents gained over the past year. Who wouldn’t mind beaches, cheaper housing (though not by heaps admittedly), less lockdowns and better weather?
Other States are doing better as well, with South Australia, Western Australia and the ACT all swinging to positive NIM over the year ending March 2021. With current events in Victoria, this trend looks set to continue. It’s certainly interesting times if nothing else.
Until next time.