Australian PoliticsImmigration

Are the budget’s migration forecasts already looking shaky?

Leith van Onselen
Monday 15 June 2026
Advertisement

Net overseas migration (NOM) has routinely exceeded the Albanese government’s forecasts since coming to office in mid-2022.

Nom forecast vs reality

Chart by Tarric Brooker (Avid Commentator)

As a result, the Albanese government has let in an unprecedented number of migrants during its reign.

NOm per day in office
Advertisement

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:
Cancel at any time through our billing provider, Stripe
Twitter Share
About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.