Australia's Population Could Hit 30 Million In Just A Few Years

According to an estimate put out by the ABS earlier today, Australia's population is set to hit 30 million at some point between 2029 and 2033.

If we hit 30 million by 2029 that's a growth of just over 450,000 new Australians every year.

Australia's population is set to sky rocket (Image AAP)

"The projected time for the nation to grow by five million people on current indications will be similar, if not a little shorter, than the 14 years it took to grow from 20 million to 25 million." said Anthony Grubb, Director of Demography at the ABS.

Australia can also expect to see the population hit 35 million within the next quarter of a century according to Grubb.

"Looking further ahead, based on the medium of our three main projection assumption series, Australia could add a further 10 million to our current 25 million by the year 2043."

Australia's population is set to grow by another 10 million by 2038 (Image AAP)

This is in stark contrast to a similar statement put out by the ABS in 2004.

The most conservative set of statistics put out in that group of predictions said we wouldn't hit 24.9 million before 2048.

Meanwhile, its highest projection put Australia's population at 31.4 million by 2051, in stark contrast to today's estimates.

According to the ABS there's also going to be a sizeable shift in how the population is spread throughout the States and Territories.

Sydney's population is set to drop below Melbourne's around 2031 (Image AAP)

While New South Wales is set to retain the highest population according to the figures, it's Victoria that's projected to have the fastest growth.

With a current population of around 6.3 million, Victoria is set to rise to nearly eight million by 2027.

Earlier this week Prime Minister Scott Morrison confirmed he is looking to reduce the cap for migrants. In the most recent program year the country received about 160,000 migrants, or 30,000 below the cap.

Prime Minister Scott Morrison (Image AAP)

"I believe that this is likely to end up in revising down the permanent migration cap in Australia."

READ MORE: 25 Things You Need To Know As Australia Hits 25 Million

READ MORE: Australia's Population Set To Reach 25 Million, 24 Years Earlier Than Expected

Melbourne is also set to overtake Sydney as the country's largest city by around 2031 according to one ABS prediction, and will have a population that could reach as high as 12.2 million by 2066.

Feature Image AAP