Australia’s population is growing at one of the fastest rates in the developed world, but a new report warns infrastructure spending is not keeping up.

Dr Richard Denniss from The Australia Institute (TAI), which published the study, said last year’s increase of 400,000 people showed growth was happening faster than many may think.

“We’re building a city the size of Canberra every year,” Dr Denniss said.

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“Our report shows that the population is growing far faster than people realise.”

Australia’s population is on track to hit 24 million later this year.

While Australians are having more babies, numbers are growing mostly because of new immigrants.

In fact, in the 15 years from 2000, Australia’s migrant population has risen by 2.75 million people.

That is more than the whole migrant intake during the 1950s, ’60s and ’70s, which was 2.54 million.

Population growth in Australia now exceeds the UK, Canada and the US.

“I have been quite shocked at our rate of growth relative to others in the OECD,” KPMG’s Bernard Salt said.

“I think the GFC was a turning point.

“We were the one shining light, and many people refocused their activities or intentions on this nation, and, in fact, our record level of migration ever was in 2009, the year after the GFC, where we accepted 300,000 migrants.

“Our long term average is barely 100,000.”

Chinese and Indians are starting to catch up with Britons in dominating the migrant pool and Australia is also starting to see more migrants from the Philippines.

New Zealanders are leaving, however, attracted to return to a strengthening economy at home.

Australia in 2055

Population: 39.7 million

40,000 centenarians

Female babies will live to 96.6

Male babies will live to 95.1

2.7 working age Australians for every 1 aged 65 or over

70 per cent of women in paid work

17.3 per cent of older Australians in paid work

Average annual income: $117,300