CANBERRA, June 22 (Xinhua) -- Australia was on track to exceed a population of 25 million by August 2018, according to ABS projections.

The total population of Australia increased substantially in 2017 despite a slowdown in overseas migration, according to Federal Government data.

The Australian Bureau of Statistics (ABS) released demographic figures late on Thursday, showing the country's population increased by 1.6 percent last year.

In 2017 Australia's population grew by 388,000 people, which brought the total figure to 24.8 million.

"The state of Victoria continues to lead the nation in population growth with an annual increase of 2.3 percent, followed by the ACT at 2.2 percent Queensland at 1.7 percent. The Northern Territory recorded the lowest growth at 0.2 percent," ABS Demography Director, Anthony Grubb, said in a media release on Thursday evening.

"While not growing as fast as some other states and territories, large gains in overseas and interstate migration have nearly tripled Tasmania's annual population growth over the past two years, increasing from 0.3 percent in 2015 to 0.9 percent in the year ended 31 December 2017.

"This brings Tasmania's growth rate back up to levels last seen in 2008, thanks mainly to increases in net interstate migration."

While overseas migration increased in the ACT last year, the national figures were slowing down by the year's end.

Of the total increase to migration 240,400 people only 35,900 (14.9 percent) came towards the end of 2017.

"Net overseas migration usually slows in the December quarter although this was the largest slowdown in several years," Commonwealth Bank of Australia economist, Kristina Clifton, told the Australian Broadcasting Corporation on Thursday evening.

According to the ABS, net overseas migration included people who have been in Australia for at least 12 of the last 16 months, as well as those who arrived on temporary visas such as workers, students and tourists.