Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ net migration at decade-high in Feb, China main source

NZ net migration at decade-high in February as China topples UK as main source

By Suze Metherell

March 21 (BusinessDesk) – New Zealand’s inbound net migration rose to a 10-year high in February, as fewer kiwis jumped the ditch to Australia and China became the biggest source of net migrants for the first time in a decade.

The country gained a seasonally adjusted 3,500 net new migrants in February, the most since April 2003, and up from 3,100 in January, according to Statistics New Zealand. Seasonally adjusted there was a net outflow of 600 people to Australia in February, down from 850 in January.

On an annual basis, New Zealand net migration rose 13 percent to 96,900 people for the year ended February, while departures fell 20 percent to 67,800. China became the biggest source of net migration for the first time in a decade, with a net gain of 6,100 people, followed by India with more than 5,800, and pipping the UK which had previously provided the biggest net migrant gain.

Chinese long-term arrivals rose 8.7 percent to 8,556 in the year ended Feb. 28, and are up 14 percent over the past two years. At the same time, UK arrivals, slipped 0.6 percent to 13,929, and are down 3.1 percent over the past two years.

Last week the Reserve Bank said net migration has rapidly increased over the past 18 months, boosting demand for housing and consumer spending, and is seen as an inflationary pressure that prompted the bank to lift the official cash rate a quarter-point to 2.75 percent.

“This monthly result suggests migration flows may be starting to run a little ahead of our forecasts, although it is difficult to judge whether that will be sustained,” ASB economist Dan Smith said in a note. “Strong inwards migration will continue to add to domestic demand and housing market pressures, and is one of the reasons why interest rates will rise over the next couple of years.”

Auckland attracted most of the nation’s new migrants with a net gain of 13,700 in the year. Canterbury followed with a net gain of 5,100 migrations, while Otago recorded a net increase of 600 migrants and Wellington attracted 400 new net migrants.

Today’s figures also showed short-term visitor arrivals rose to a record for a February month, led by an increase in Australian visitors. Total visitor arrivals rose 7 percent to 301,200 people from the same month the previous year. More than 105,500 Australians visited New Zealand in February, offsetting declines in Chinese and Hong Kong visitors due to an earlier Lunar New Year.

On an annual basis visitor arrivals rose 7 percent to 2.77 million in the year ended February. Australians made up the bulk of the arrivals, with a 6 percent gain to 1.23 million. German visitors were the fastest growing group, up 16 percent to 73,760, while Chinese arrivals grew 14 percent to 237,200 visitors.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Starts Talks On Tougher Rules For Property Speculators

The Reserve Bank of New Zealand is stepping up preparations to restrict lending to residential property investors as it watches house prices, particularly in Auckland, continue to rise strongly. More>>

ALSO:

Research: ‘Ageing Well’ Science Challenge Launched

Science and Innovation Minister Steven Joyce today launched the Ageing Well National Science Challenge, confirming initial funding of $14.6 million. More>>

ALSO:

Scoop Business: Govt Resisting Pressure To Pump More Cash Into Solid Energy

Prime Minister John Key says it is “not the government’s preferred option” to make a fresh capital injection into the troubled state-owned coal miner, Solid Energy, but dodged journalists’ questions at his weekly press conference on whether that might prove necessary... More>>

ALSO:

Lagest Ever Privacy Breach Award: NZCU Baywide Accepts “Severe” Censure In Cake Case

NZCU Baywide says that once it was found to have committed a breach of a former staff member’s privacy, it had attempted to resolve the matter... the censure and remedies for its actions taken almost three years ago are “severe” but accepted, and will hopefully draw a line under the matter. More>>

ALSO:

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news