The nation's population grew by 2.2 per cent in the 12 months to March 2023, with most of this (81 per cent) due to an influx of migrants.
A total of 681,000 people migrated to Australia – more than double the number in the previous year – after all major pandemic-related border restrictions ended in February 2022.
In contrast, only 226,600 people left Australia, meaning migration added 454,400 extra people to the population.
"This pattern, low departures in particular, is a catch-up effect after closed international borders, as international students return with only a small number departing because very few arrived during the pandemic," the ABS report stated.
"This effect is expected to be temporary as the number of departures will increase in the future as temporary students start departing in usual numbers."
Meanwhile, Australia's birth rate dropped 3.4 per cent, while deaths rose 7.9 per cent.
Excess deaths due to COVID-19 contributed to an increase in the death rate, according to the ABS.
Globally, Australia is the sixth largest country in the world by land mass, but ranks a lowly 55th by population, behind Niger and Cameroon and just ahead of North Korea.
It has the fourth lowest population density in the world, with an average of just 3.35 people per square kilometre.