Absorbing Migration and International Students August 2022

Momentum is building to lift Australia’s permanent migration by 25% to 200,000. We had previously assumed immigration would drive net absorption over 2022-24 of 2.2m sqm Industrial, 900k sqm Office, 205k Residential and $6.7bn pa Retail spend. These are likely to prove conservative under the new immigration forecasts. July 2022 data on international arrivals of Permanent and Temporary visa (skilled and work) was +31% on June 2022 levels. 

It's a similar situation for international student arrivals. The Department of Education noted that international student visa applications hit 43,000 in June 2022, the highest level in 10 years.