The population of Australia touched 24.22 million in September 2016, said the data revealed on by the ABS (Australian Bureau of Statistics) 23 March.
The figure increased by about 350,000, or 1.5%, in the last one year, which is said to be the fastest increase in percentage since mid-2014.
According to the ABS, the majority of the increase was attributed to NOM (net overseas migration). Business Insider quotes the ABS as saying that because of NOM 193,200 people were added to the population, which made up for 55 percent of the population growth in Australia.
The figures reveal that 492,800 people came from abroad while 299,600 people exited the Land Down Under.
The rise in NOM was the fastest growth rate in four years, owing to sharp increases in eastern states of Australia.
Beidar Cho, ABS demography director, said that Queensland witnessed the highest increase of NOM population, which rose by 19 percent while they rose in New South Wales and Victoria by 11 percent and 13 percent, respectively.