An influx of international students will significantly boost Australia’s net overseas migration intake to 400,000 this financial year.
International students, accompanied by a rising number of temporary skilled migrants moving to Australia, is set to smash the net overseas migration intake that was forecast in the October budget.
International students will account for around 50 per cent of Australia’s net overseas migration inflow this financial year.
In the October budget, Australia’s net overseas migration was forecast to reach 235,000 in this financial year.
However, these estimates were significantly exceeded by greater volumes of international arrivals to Australia after borders were reopened following the Covid-19 pandemic.
According to updated forecasts, the surge in the number of international students and temporary skilled migrants moving to Australia will push the net overseas migration to reach 400,000 this financial year.
Australia’s strong net overseas migration intake is expected to continue, with 315,000 new arrivals set to be welcomed in the 2023-24 financial year.
Australia’s net migration reached negative levels during the 2021 border closures, with around 250,000 international students leaving the country between March 2020 and December 2021.
However, following the reopening of international borders, Australia recorded net inflows of 303,700 migrants in the 12 months leading to September 2022, according to official data by the Australian Bureau of Statistics.
Data from Australia’s Home Affairs show there are now more than 580,000 international students in Australia – an increase of around 225,000 in the financial year to March.
In addition to international students, working holidaymakers are also contributing towards Australia recording a high net overseas migration in this financial year.
The number of working holidaymakers in Australia stand at around 137,000, which is markedly higher than the 2021 low of only 19,000.
The increased number of working holidaymakers also represent a net increase of 66,000 in the nine months leading to March, and reverses the sharp declines during the pandemic.
