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

 


NZ migration rises to 11-year high in March

NZ migration rises to 11-year high in March as fewer kiwis leave for Australia

By Suze Metherell

April 23 (BusinessDesk) – New Zealand migration rose to an 11-year high in March, the second-highest gain on record, as fewer kiwis left for Australia.

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures.

In the year through March, New Zealand gained a net 31,900 migrants, a 10-year high, as 98,000 people arrived while 66,100 departed. That’s more than 12 times the 2,500 annual net migration gain in the year through March 2013 and compares with an average net gain of 11,700 migrants over the past 20 years.

The Reserve Bank last month said the rapid increase in net migration over the past 18 months, which has boosted demand for housing and consumer spending, is an inflationary pressure which prompted it to lift the official cash rate a quarter-point to 2.75 percent. The central bank reviews interest rates tomorrow, and is widely expected to hike a further 25 basis points.

“We expect annual net migration to peak just below 40,000 later this year – which implies some slowing from the current pace,” Daniel Smith, an economist at ASB Bank, said in a note. “Additional workers will help meet strong demand in the Canterbury construction sector, but stronger population growth overall is likely to add to domestic demand and exacerbate housing market pressures, particularly in Auckland.

“That is one of the reasons why interest rates will continue to rise over the next couple of years,” Smith said.

China was the nation’s biggest source of net long-term arrivals, with 6,200 people relocating to New Zealand in the year ended March, followed by 6,100 Indian migrants and 5,800 British arrivals. Auckland attracted 14,800 migrants, with Canterbury seeing 5,200 international arrivals settling there over the year.

Today’s figures showed short-term visitor arrivals fell 6 percent to 253,600 in March compared to a year earlier, as a late Easter meant school holidays in Australia, the UK and Hong Kong started in April rather than March. In the month visitors from across the Tasman dropped 13 percent, UK visitors were down 19 percent and Hong Kong short-term arrivals fell 42 percent.

Annually short-term visitors rose 5 percent to 2.75 million, as Germans out stripped Japanese arrivals to become the fifth biggest source of visitors. Australian visits rose 4.3 percent to 1.2 million in the year, China rose 14 percent to 239,700, the US gained 10 percent to 207,700 while annual UK visitors rose 1.3 percent to 191,900.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news