AustralianA new study from the British Office of National Statistics has shown that there are currently more Australians in the UK than ever before.

The new evidence debunks concerns that the recession has killed off the rite of passage that began in the 1960s and has seen, every year since, thousands of young Australians living and working in the British capital.

The ONS report has found that 123,000 Australian-born residents now call the UK home, up from 112,000 in 2004.

These figures do not include the thousands of Australians who take part in the Youth Mobility Scheme (former working holiday visa) each year.

 A spokesman for the ONS said the figures were based on population studies and labour market surveys, and related to full-time residents and workers in September 2008 as opposed to visitors or those on short-term working holidays.

A struggling British pound and cheap long-haul flights has seen an influx of Australians timing their stint in the UK to take advantage of the economic climate, with many looking to invest in British property.