World Socialist Web Site 29 Mar, 2021 04:45 am

Australia population declines for first time since World War I

The sudden fall threatens to expose the Australian economy’s reliance on continuous population growth to mask underlying vulnerabilities.

Population growth is typically second-highest in the September quarter, so the year-on-year decline was actually higher, at 111,022.This presents a major problem for the Australian economy, which for decades has relied heavily on population growth as a driver of productivity.Since 1991, the country’s population growth has exceeded the overall OECD figure in all but one year, and in 2019 the Australian figure of 1.Australia’s rapid population growth has masked economic downturns.

International students are the largest cohort of migrants, making up more than 30 percent of net overseas migration.8 billion last year, in part due to the lack of international students, and are set to plunge another $2 billion in 2021.

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