A new report from the Centre for Population is predicting a full recovery in migration numbers this year of around 235,000 people per year on average.
The government is expecting a return to pre-pandemic migration levels after COVID travel restrictions saw overseas migration plunge to record lows in 2020-21.
But the Treasurer Jim Chalmers told A-B-C Radio, migration is just one factor that will contribute to Australia's future success.
"Migration has been and will continue to be a really crucial part of the Australian story and the story of Australia and economic success as well. But it's not a substitute on its own, for the other things that we are doing, whether it's training Australians for job opportunities, whether it's making it easier and cheaper for parents, particularly new moms to work more, if they want to and to earn more. Whether it's all of these other steps we're taking in housing and infrastructure and the NBN, an energy policy. All of these parts of our economic plan are absolutely crucial to building the kind of workforce that can support population which is getting a bit older with all of the pressures that puts on the budget."
The COVID-19 pandemic wiped more than one million people from Australia's 10-year population forecasts with Australia losing 85,000 people in its first net migration decline since World War Two.
And while there are signs of recovery, the pandemic is still expected to cost Australia 473,000 migrants by 2025-26.
