AUSTRALIA’S population grew at 1.7 per cent over the year to September 2012, its fastest rate in three years, according to a report by the Australian Bureau of Statistics.
Growth was fastest in Western Australia, up by 3.45 per cent annually.
The increase was the largest of all states and was the fastest population growth on record for WA.
WA was followed by fellow resource-rich state Queensland, which had annual population growth of 2 per cent.
CommSec chief economist Craig James said that, nationally, overseas migration accounted for 63 per cent of population growth.
About 64,300 people immigrated to Australia in the September quarter, a figure that totalled 228,000 for the year.
The number of migrants to Australia was the largest annually since 2009 and represented the sixth consecutive quarter that annual migration increased.
Mr James said the substantial population growth, combined with a low and steady unemployment rate, was proof that skilled migrants were integrating into the economy.
“Skilled migrants have jobs from day one and are spending and paying taxes. In addition, they are helping to address the challenges of the ageing population, a problem that will become more pressing over the coming decade,” he said.
A total of 80,700 babies were born in the quarter, while there were 303,000 births for the year.
The baby boom comes on the back of strong domestic finance figures, which have been led by growth in personal wealth and above average cash holdings.
According to the ABS, per-capita wealth rose from $68,973 to $71,429 and is at its highest level for five years, up 21.6 per cent annually.
Per-capita wealth is up by 88.4 per cent for the decade.
The savings environment for Australian households is also healthy, with a record $758.8 billion held in cash and deposits nationally at the end of December 2012.
Mr James said the domestic financial climate was evidence that the damage caused by the GFC had been repaired as per capita financial wealth exceeded pre-GFC levels.
