Australia’s net overseas migration has declined for the first time since the easing of COVID-19 border restrictions, Bloomberg reports, citing official figures released Friday.
The drop, primarily driven by a significant decrease in international student arrivals, is attributed to a government crackdown on student visas and rising concerns about housing shortages.
The Australian Bureau of Statistics (ABS) reported net overseas migration at 446,000 for the year ending June 2024, a considerable decrease from 536,000 the previous year. This marks a significant shift in population growth trends.
The most dramatic decline was observed in the number of international student visa holders, which plummeted by 25% to 207,000 compared to 278,000 in the year ending June 2023. This sharp reduction reflects the government’s stricter visa policies, including increased fees and a proposed cap on student visas. These measures, intended to address voter concerns regarding a severe housing crisis, have seemingly damaged Australia’s international reputation as a leading provider of tertiary education.
Jenny Dobak, head of migration statistics at the ABS, highlighted the significant increase in departures of temporary student visa holders, noting a doubling in 2023-24 compared to the previous year.
The housing shortage remains a major concern. Shane Oliver, chief economist at AMP Ltd., pointed out that population growth during the last fiscal year necessitated the construction of approximately 221,000 additional dwellings, yet only around 176,000 were completed. This translates to a national housing deficit of at least 200,000 homes, exacerbating the existing crisis.
