Demographic butterflies of Britain not colonising Australia and New Zealand

If Britain did not colonise Australia and New Zealand, where would the people who left Britain go? Would they stay in Britain? How would an increased population in the United Kingdom of Great Britain and Ireland impact European geopolitics.
 
The reason Australia and New Zealand were colonized was to stop other Europeans, particularly the French, from colonizing them themselves.

The surplus population would have mostly gone over to the Western Hemisphere or to the growing cities in the UK. Or perhaps some could have gone to South Africa instead. That could have had very interesting effects.
 
I believe there was quite a bit of pressure to establish a penal colony somewhere, anywhere. Georgia was the original penal colony, and then Australia once the Colonies were lost. Considering how important East Asia was to the British, and how Australia was comparatively empty, it was a natural choice for settlement. Even if another country controlled it, like France or the Netherlands, I imagine that Britain would attempt to purchase a portion of it, if not seize it outright. Ultimately, I don't think demographics would have changed that much. Without Australia, there still would have been the typical push-pull factors (overpopulation, economic depression, famine) that would have encouraged emigration.
 
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