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

 

Season Ends: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news