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Net overseas migration fell by 88,700 over the year to June, as the border remained closed to international arrivals. Victoria's population fell by 0.67 per cent or 44,700 people, as Melbourne endured the world's longest lockdown. The 0.18 per cent population growth rate, in the absence of immigration, was slightly higher than March annual pace of 0.14 per cent - itself the slowest annual growth since 1916. New Australian Bureau of Statistics data released on Thursday showed Australia's population grew by just 46,000 people in the year to June 2021. Net annual migration in the 2021-22 financial year was forecast by Treasury to fall by 41,000, marking the first consecutive negative numbers since 19, when departures were subtracted from arrivals. Wages growth has been below three per cent since mid-2013 but Mr Frydenberg argued the return of skilled migrants in December, for the the first time since early 2020, would in fact boost real wages, adjusted for inflation.Ī revival of immigration was expected to see the permanent annual intake, over several years averaged out, climb back to 190,000.Īustralia had a net annual immigration rate of 154,100 for the 2019-20 financial year, during a period that covered the first three months of the pandemic and the closure of Australia's border in early 2020.īefore the pandemic, Australia had a net annual immigration rate of 239,700 in 2018-19.Īustralia's population growth pace of 1.5 per cent was also among the highest in the developed world.īut last year, the population shrunk for the first time in more than a century - the last time being 1916. 'These processes include enterprise agreements that tend to only get renegotiated once every two to three years, the annual review of award wages by the Fair Work Commission and public sector wages policies.' 'This partly reflects elements of Australia's wage-setting processes, which create inertia in aggregate wage outcomes. 'The RBA is expecting wages growth to pick up further but, at the aggregate level, to so do only gradually,' he said on Thursday. Treasurer Josh Frydenberg hailed the record 366,100 monthly surge in new jobs (pictured is a waitress in Sydney)ĭespite the labour market rebound, Reserve Bank of Australia Governor Philip Lowe predicted wages growth would stay subdued because many workers only received pay rises during enterprise bargaining negotiations. It's working.'Īustralia's most powerful banker predicts wage rises will be delayed despite the unemployment rate plunging to just 4.6 per cent.
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Premiers should not be spooked by the Omicron variant. The momentum in the economic recovery depends on it. 'We need the premiers to stick to the national plan. 'That unusual response where everyone on a plane heading into Queensland was subject to quarantine for two weeks, including Christmas day - that was clearly an over reaction of which they had to walk back from,' he said. The Treasurer slammed Ms Palaszczuk for her decision to quarantine everyone on two flights for 14 days after two passengers tested positive, before rolling back on the decision. 'I have a very clear message to the premiers - their actions in response to Omicron must be proportionate to the risk,' Mr Frydenberg said. He said Australia's top scientists expected new variants to emerge, adding that omicron 'should not be a reason why borders should be closed.' The Treasurer slammed Ms Palaszczuk (pictured) for her decision to quarantine everyone on two flights for 14 days after two passengers tested positive, before rolling back on the decision