Population growth is a Australia’s population officially reached 25 million people in Australia would be reached in the positive for the housing million people on 7 August 2018. The ten-year window between 2015 and 2025. rate of Australia’s population growth will Clearly growth has occurred much faster than industry and more years of always be a topic of debate, mostly for the experts predicted back in 2002. The latest stable housing supply are politicians, but also for everyday Australians who Intergenerational Report now predicts Australia’s needed to make up the can feel unsettled by the rapid pace of change. population will reach 39.7 million by 2055. For the housing industry, population growth historical shortfall in supply. presents a positive story – supporting demand for The current reality new housing and providing an additional resource In 2017 Australia’s population grew by 1.59 for many Australian businesses. per cent to a level of 24.77 million people. As The Australian Bureau of Statistics recently expected population growth was dominated by released new information regarding Australia’s net overseas migration (NOM). In 2017 there were population growth to the end of 2017. The results 252,400 migrants to Australia. This figure includes show why we might feel that things are changing temporary and permanent migrants and the three faster than expected. classifications of humanitarian, family and skilled migrants. A moving target Following the 2016 census conducted by the In 2002, the first Intergenerational Report Australian Bureau of Statistics, a new base level estimated that Australia would reach a population was established for population estimates, which of 25.3 million in 2042. Just five years later, the has led to the numbers being revised. 2007 report suggested this target would be Two elements to these revisions are important to reached in 2027, 15 years earlier. By the time of note: the 2010 report, our population was already up to • population growth over 2016 and 2017 was 22 million and the estimate of 25.7 million people faster than initially thought was now expected in 2020, a further seven years • the revisions provide a different trajectory for earlier. The most recent report, released in 2015, population growth. put Australia’s population at 23.9 million, and Prior to the revisions the understanding was that retained the expectation that the milestone of 25 Australia’srate of population growth continued Housing Australians Story: Harley Dale @25 million 40 HOUSING SEPTEMBER 2018