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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Land & Water Forum: Fourth Report On Water Management

The Land and Water Forum (LWF) today published its fourth report, outlining 60 new consensus recommendations for how New Zealand should improve its management of fresh water and calling on the Government to urgently adopt all of its recommendations from earlier reports. More>>



Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Speaking For The Bees: Greens Call For Neonicotinoid Pesticide Ban

The National Government should ban the use of controversial pesticides called neonicotinoids after evidence has revealed that even at low doses they cause harm to bee populations, the Green Party said today. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news