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

 


NZ annual migration at decade high as arrivals pass 100,000

NZ annual migration at decade high as arrivals pass 100,000, eclipsing May record

By Suze Metherell

July 21 (BusinessDesk) - New Zealand's annual migration extended its decade highs in June, as a record number of arrivals pushed the net inflow above the 2014 peak estimated by the Treasury and the Reserve Bank.

The country gained a net 38,300 migrants in the year through June, the highest since October 2003, Statistics New Zealand said. Annual arrivals rose to 100,800, the highest ever inflow, while departures were down 22 percent from the year before to 62,400, as fewer New Zealanders left for Australia.

The Treasury had forecast annual net migration to peak at 38,100 in September, before returning to the long-run assumption of 12,000 a year by 2017, while the central bank expected a mid-2014 peak at 37,000, according to its June Monetary Policy Statement. High levels of migration are stoking demand for housing and boosting spending in the economy, and Reserve Bank governor Graeme Wheeler has flagged stronger than expected inflows as a significant inflationary pressure.

On Thursday Wheeler is expected to hike the official cash rate for a fourth time this year to 3.5 percent, but economists have speculated he will then take a pause in the tightening cycle, given milder-than-expected inflation and weaker global dairy prices.

"Net immigration is now clearly running ahead of the RBNZ's forecasts back in the June Monetary Policy Statement," Felix Delbruck, senior economist at Westpac New Zealand, said in a note. "That is a single bright spot in what has overall been a disappointing run of New Zealand data for the Reserve Bank."

"The major factor driving this migration cycle has been movements by both New Zealanders and Australians across the Tasman as the Australian job market has cooled," he said. "We don't expect Australian job prospects to improve decisively before early next year, so this migration dynamic could continue for a while."

New Zealand gained a seasonally adjusted 4,300 migrants in June, climbing from 3,980 in May, Statistics New Zealand said. Net migration to Australia was zero in June, the first time since August 1991 people leaving for Australia equaled those arriving from across the Tasman.

The number of short-term visitor arrivals rose 2 percent to a record 162,100 for a June month, helped by more visitors from Japan and China, the agency said. Overseas trips by New Zealanders rose 4 percent to 206,500 in June from the year earlier month.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

The Price Of Cheese: Cheddar At Eight-Year Low

Food prices decreased 0.5 percent in the year to June 2016, influenced by lower grocery food prices (down 2.3 percent), Statistics New Zealand said today. Compared with June 2015, cheese prices were down 9.5 percent, fresh milk was down 3.9 percent, and yoghurt was down 9.2 percent. More>>

ALSO:

Financial Advisers: New 'Customer-First' Obligations

Goldsmith plans to do away with the current adviser designations which he says have been "unsatisfactory" in that some advisers are obliged to disclose potential conflicts of interest and act in their customers' best interests, but others are not. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news