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

 


NZ annual migration jumps to highest in more than a decade

NZ annual migration jumps to highest in more than a decade in May

By Tina Morrison

June 23 (BusinessDesk) - New Zealand's annual migration rose to its highest in more than a decade last month, keeping the net inflow at a pace both the Reserve Bank and the Treasury say will drive up demand in the domestic economy this year.

The country gained a net 36,400 migrants in the year through May, the highest since the November 2003 year, Statistics New Zealand said. The Treasury expects net migration to peak at 38,100 in the year through September before returning to the long-run assumption of 12,000 a year by 2017.

The Reserve Bank this month raised interest rates for a third time and said further hikes were on the way, as it tries to stem the inflationary pressures of a growing economy where migration is helping fuel domestic demand. The latest migration figures are probably stronger than the Reserve Bank expected as it had forecast annual migration of those aged 15+ to reach 33,000 in the June quarter, with the measure already above 34,000 in May, Westpac Banking Corp. said.

"Along with recent strong consumer confidence and GDP data, that's another tick in the box for a follow-up hike in July," Westpac senior economist Felix Delbruck said in a note. "The implications for the interest rate outlook further out probably goes more in the direction of supporting the RBNZ's fairly hawkish stance in the June MPS, rather than pushing it up further."

New Zealand gained a seasonally adjusted 3,980 migrants in May, a touch softer than the 4,100 pace in April, Statistics New Zealand said. A net 200 people left for Australia in April, matching the previous month's record low.

The number of short-term visitor arrivals rose 5.4 percent to a record 161,400 for a May month, helped by more visitors from the US and Japan, the agency said. Overseas trips by New Zealanders rose 9 percent to 198,200 in May from the year earlier month.

The New Zealand dollar was little changed at 87.02 US cents, from 86.99 cents immediately before the 10:45am release.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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