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.
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.
The pandemic exacerbated existing labour and skills shortages.
The report data also shows that Australia is getting older and that the median age will grow from 38.4 years to over 40 within a decade.
As people live longer, they will need more health care and other government services, which will strain the economy and make it harder to balance the budget.
The pandemic also put pressure on a declining pool of older workers.
Other data in the report reveals population will be around four per cent smaller than expected in a decade due to the slowdown in migration as well as a blip in the fertility rate.
While COVID-19 has not had a significant impact on fertility rates, it may have affected the timing of some conceptions in 2020–21.
Fertility rates have been slowly declining over the past 60 years and the report says this trend is expected to continue.
The total fertility rate is projected to decline from 1.66 babies per woman in 2021–22 to 1.62 babies by 2030–31.
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