Australia's population reached 27.1 million in early 2023, but migration patterns have shifted significantly post-COVID.

In the first nine months of the 2023-24 period, Australia recorded a net of 388,000 overseas migrants, approaching the government's forecast of 395,000.

However, Treasurer Jim Chalmers acknowledged that the government is unlikely to meet its forecast for net overseas migration.

Chalmers also noted that fewer expected departures from Australia are affecting these net migration forecasts.

While South Australia and Tasmania experienced a surge in migration during the pandemic, both states are now witnessing a decline in residents.

During the pandemic, Victoria lost over 55,000 residents, and New South Wales saw a record departure of 51,000 people in the 2021-22 period.

Queensland initially attracted nearly 120,000 people from other states during COVID, but this trend has recently reversed.

Recent statistics reveal that Victoria's interstate migration is now positive, while Queensland and Western Australia are experiencing their lowest intakes since the pandemic.

Data from the Australian Bureau of Statistics indicates that fewer than 370,000 people moved interstate in the year leading up to March, marking the lowest figure since 2015.

High housing costs are a significant factor contributing to the slowdown in interstate migration, with Sydney's median house value reaching $1.5 million.

The rise in housing prices has made relocations less frequent and more challenging for many Australians.

Looking ahead, the government plans to reduce migration from a record high of 528,000 in 2022-23 to 260,000 by 2024-25, with the Coalition proposing an even further reduction to 160,000.