New reports reveal that Australia has the fastest population growth pace of any developed country.
The Australian Bureau of Statistics confirmed this when it revealed that the nation's net immigration rate soared by 27 percent in the first six months of the year. And what’s more, the country’s population is expected to surpass 25 million in 2018.
The Australian Bureau of Statistics estimates the nation adds a new person every one minute and 26 seconds, making Australia the world's fastest-growing developed nation. Australia’s 1,6% nation growth is nearly double the growth pace of the United States (0,7 percent) and the U.K. (0,6 percent), and above the expansion rate of The Philippines and Singapore (1,5 percent). Even South Africa’s population growth is slightly lower at 1,3 %. Only Papua New Guinea, a poor nation to Australia's north, posted a faster population growth pace, expanding by 2.1 percent.
With Australia's population standing at 24,772,437 people as of Tuesday night, the 25 million milestone is set to be reached in 2018. In just the first half of the year, 245,400 new foreigners arrived – 27% more than previous years since 2009.
The territories claiming the most migrants seem to be New South Wales and Victoria who each absorbed 98,600 and 86,900 migrants respectively.
Growth was slower in the other states, with Queensland's net migration rate up by 31,100 while Western Australia took in 13,100 new migrants.
The workforce is getting stronger
Every year thousands of skilled, educated and experienced migrants flock to Australia in search of better opportunities and an improved lifestyle. The Australian labour force and skills pool are significantly enhanced by these migrants.
Besides skilled migrants joining the employment ranks Australians are also retiring later, with the ABS's chief economist Bruce Hockman revealing on Tuesday the planned retirement age for those aged over 45 had stretched out to 65, up from 63 in 2007.
“This is consistent with the continuing trend of people staying in the workforce for longer,” he said.
“A decade ago, around 9% of people aged 65 and over were employed. This has increased to around 13 percent in 2016-17.”
In 1998, the ABS forecast Australia's population wouldn't reach between 23.5 and 26.4 million until 2051.