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What's in the Population Growth Figures?Monday, June 28 2010The Australian Bureau of Statistics (ABS) released the latest population growth figures last week with the following key finding:
This equates to a slowed growth rate of 2% over 2009 compared to 2.2% over 2008. 64% of that figure was due to overseas migration and 36% due to domestic natural increase. Although they point out that this is a slowing rate of population growth the figure still stands at 40-year highs. Over the last 20 years the annual rate of population growth was in a more normal range of between 1% to 1.5%. Thus we're still sitting at a very strong rate for 2009. Population growth, of course, is one of the major driving forces for economic growth. With additional people we need more housing, services, infrastructure and everyone needs to be fed too. Adding to this the latest news from the HIA today, saying that we need an extra 420,000 dwellings built in Australia over the next ten years, it's not difficult to see where the opportunities are. However, first, the housing starts figure they expect to drop significantly down to 3% growth for 2011. This is seen as a result of the Government stimulus fading which in turn makes it more difficult for first home buyers to enter the market and renters to sign affordable leases. Property investors sit tight or get set. HT Back to News |
