Australia's population has hit 27 million. How did we get here?

The country's population grew by 624,100 people - or 2.4 per cent - last year.

Australia's population growth has largely been driven by net overseas migration. Source: AAP

Key Points

• Australia's population has hit 27 million, according to the Australian Bureau of Statistics.
• The country's population grew by 624,100 people last year - or 2.4 per cent.
• Positive net overseas migration has allowed Australia's population to grow despite its low fertility rate.

Australia's population has hit 27 million, with the Australian Bureau of Statistics' population clock ticking over on Wednesday afternoon.

In 2023, Australia's population increased by 624,100 people. The population is projected to reach between 29.2 and 30.8 million by 2032, with between 34.3 and 45.9 million people by 2071.

How has Australia reached 27 million people?

The estimate of 27 million is based on the nation's population on 30 June 2023, which was 26,638,544 people, and projected growth that includes a birth every one minute and 42 seconds.

It also assumes that a person dies every two minutes and 52 seconds and a migrant arrives to live in Australia every 45 seconds. These factors contributed to an overall total population increase of one person every 50 seconds.

Between 1992 and 2022, Australia's population grew on average by 1.3 per cent.

What causes population growth?

A country's population is ultimately determined by two factors. Firstly, the natural increase: if there are more births than deaths over a period of time, there will be an increase in population growth.

Australia's fertility rate, the average number of births per woman, is currently 1.63, well below the global average of 2.27. For a country to retain its population, or increase it, a fertility rate of 2.1 is required.

If a country’s fertility rate is low, countries need to have a positive net overseas migration rate, with more people migrating than leaving. In the year to June 2023, Australia had a net gain of 518,000 people: recording 737,200 overseas arrivals and 219,100 departures.

According to the ABS, one Australian resident leaves to live overseas every two minutes and 43 seconds.

On 30 June 2022, when the population was about 26 million people, the bureau estimated 18.3 million residents were born in Australia and 7.7 million were born overseas.

Australia's annual population growth in 2022-2023 was 2.4 per cent. That growth is predicted to drop to 1.9 per cent in 2023-2024.