The number looks huge, but only because the ABS has changed the definition.

Once the Australian Bureau of Statistics publishes its final estimate of net overseas migration to Australia for 2008-09, it will be about 340,000. This is a huge number by historical standards - but it is not comparable with history because, in 2006, the bureau changed its definition of a migrant.

http://www.theage.com.au/opini...d-20100406-rpbq.html