Australia’s population grew by 1.6 per cent during 2018 reaching 25.2 million people, according to the latest figures released by the Australian Bureau of Statistics (ABS). 

The 25.2 million at the end of December 2018 was up from 24.8 million at the end of 2017. 

Following the trend, ABS predicts that Australia’s population could reach up to 30 million by 2029. 

"Steady growth over recent quarters has resulted in a population of 25.2 million people at 31 December 2018,” ABS Demography Director Beidar Cho said. 

Fueling the growth was the record number of births and increase of net overseas migration. 

The number of births in 2018 recorded an all-time high of 314,900, with 161,900 males and 153,000 females. The previous record was slightly lower at 312,200 in 2012. 

In addition, there were 1,600 fewer deaths in Australia during 2018 with 158,500 deaths, compared to 2017 with 160,000. 

Therefore, the natural increase of births minus deaths was at 156,300 people in 2018, compared to 144,100 in 2017. It also accounted for 38.6 per cent of the population growth. 

The remaining 61.4 per cent was accounted by the high levels of net overseas migration (NOM) in 2018. 

Net overseas migration increased to 248,400 people in 2018, compared with 241,700 in 2017. This was due to lower overseas migration departure levels and steady overseas migration arrivals. 

In 2018, the overseas migration departures decreased to 281,600 compared to 289,700 in 2017.

The overseas migration arrivals was steady at 530,100 in 2018 and 531,400 in 2017. 

Victoria continued to show the highest growth at 2.2 per cent, as Queensland and Australian Capital Territory followed with 1.8 per cent. 

New South Wales had the next highest growth at 1.6 per cent. Under ABS projections, NSW will likely remain as the largest state with a population of 9 million to 9.3 million in 2027. 

Northern Territory was the only state to experience a decline in annual growth, with a decrease of 0.4 per cent.