Australia’s population is set to reach the 25 million milestone within a matter of months. 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. With Australia’s population standing at 24,772,437 people as of December 20, the 25 million milestone is set to be reached in 2018. Indeed, immigrants contribute greatly to this increasing number. Amazingly, Australia’s population growth pace of 1.6 percent is more than double that of the United States and the U.K. (Sydney’s busy Pitt Street Mall pictured)- recorded to be the highest in the developed world, according to the Australian Bureau of Statistics. This is the fastest population growth pace of any developed nation in the Organisation for Economic Co-operation and Development.
Overall, Australia’s net immigration soared by a record 27 percent in the year to June 30, 2017, when compared with the previous year (wherein 245,400 new foreigners arrived). Sydney and Melbourne have been reported to be the top states who received the largest immigrants in 2017. Both states recorded their highest ever net immigration pace surpassing a growth level last experienced in 2008, said the ABS. Likewise, other states which received a good number of the year throughout the year were New South Wales, Victoria and Queensland.
Adding to this news, most of the workers who have in the Australian job market are retiring late now. ABS’s Chief Economist, Bruce Hockman reveals that the planned retirement age for those aged over 45 had stretched out to 65 now. ‘A decade ago, around 9 percent of people aged 65 and over were employed. This has increased to around 13 percent in 2016-17’, he commented in this context.