This compares with an average population growth rate from 1997 to 2007 of 1.3% per year.
Under the Series B assumptions, there will be more births than deaths until the year 2101.
Separate figures from the Australian Bureau of Statistics released on Thursday showed a barnstorming 383,000 net new jobs were created in the year to November.
But wages still grew at a pedestrian annual pace of 2 percent, a perfect case of expanding supply benefiting employers rather than those already employed.
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Select ' OK' to allow Oath and our partners to use your data, or ' Manage options' to review our partners and your choices. We (Oath) and our partners need your consent to access your device, set cookies, and use your data, including your location, to understand your interests, provide relevant ads and measure their effectiveness.Oath will also provide relevant ads to you on our partners' products.By 2056, 55% of the population growth would come from natural increase (the excess of births over deaths) with the remaining 45% coming from net overseas migration.The low assumption (Series C) has fertility falling to 1.6 babies per woman, net overseas migration at 140,000 per year and life expectancy at birth increasing to 85 years for boys and 88 years for girls.The flood of newcomers, mostly on skilled migrant programs, is one reason property prices have been on a tear in recent years, especially in Sydney and Melbourne.The extra demand created by all these new Australians was also a major reason the economy grew a brisk 2.8 percent in the year to September.Policymakers at Australia’s central bank have been baffled by the divergence between employment and wages, citing the mystery as an argument against a rise in interest rates anytime soon.This article is also available as a PDF - Download the PDF here INTRODUCTION Changes in the size, composition and distribution of the population are partly a product of prevailing social and economic conditions.However, even at the beginning of next century, population growth would remain clearly positive due to the level of net overseas migration.Under the high assumption (Series A), where fertility increases to 2.0 babies per woman, net overseas migration is 220,000 per year and life expectancy at birth reaches 94 years for boys and 96 years for girls, the strong population growth is driven more or less equally by natural increase and migration.