Australia to experience a record population explosion in two years

Australians will see an unprecedented flow of immigrants over the next two fiscal years, receiving 650,000 newcomers amid an already intense national housing crisis, with rents hiking as competition grows over few accommodation options available.

The new arrivals, however, are expected to relieve workforce shortages, especially in hospitality, healthcare, retail and tourism. Also, the sudden population boom is expected to help economic growth due to an increase in consumer spending and tax payments.