Australia is experiencing the biggest migration boom in its history, contributing to the fastest rate of population growth the country has experienced in almost 19 years, expanding by 1.61 per cent.
Almost 200,000 migrants arrived (in the year to March 2008) and Western Australia's population is growing at the fastest pace since 1989 thanks largely to more than 32,000 migrants settling in the state.
And this growth in Western Australia's population (2.59 per cent) was fastest in the nation, beating out all the other states by at least 0.3 per cent.
The share of Australia's population in Western Australia has also achieved record highs, reaching 10.1 per cent.
Australia's total population exploded by a record 336,800 people, tipping over the 21 million mark.
Figures and analysis released by CommSec equities economist, Savanth Sebastian indicates this rapid growth has many positives for the economy, but it also has its fair share of negative implications as well.
The faster rate of population growth means that the economy can grow at a faster pace.
Not only does the migration boom mean a boost to economic growth in the short-term but it also assists in addressing the longer-term implications of Australia's ageing population.
However all the extra people also put greater demands on our economy.
The states have to undertake huge infrastructure programs given our fast-growing population and because our population is set to grow at a similarly fast rate over the coming year it seems more development will be required.
This strength and growth in population continues to put further upward pressure on the demand for housing and points to the likelihood of strong housing construction in 2009.
However, the increase in skilled migration helps meet the demand for labour by Australia's employers concurrently increasing demand for housing and general retail spending.
In short, the inflow of skilled migrants creates a virtuous cycle of higher employment, spending and investment, while keeping a lid on inflationary pressures.
