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

 


NZ annual migration at 11-year high in July

NZ annual migration at 11-year high in July, eclipsing June record

By Suze Metherell

Aug. 21 (BusinessDesk) - New Zealand's annual migration extended its decade highs in July, with the inflow continuing to surpass Treasury and Reserve Bank expectations.

The country gained a net 41,000 migrants in the year through July, the highest since August 2003, Statistics New Zealand said. Annual arrivals rose to 102,400, the highest ever inflow, while departures were down 22 percent from the year before to 61,400, 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.

Wheeler embarked on a front-loaded tightening cycle in March this year, raising the official cash rate four times to 3.5 percent from a historically low level in place to stimulate spending during the global financial crisis and the Canterbury earthquake. The governor is now widely expected to pause in his hikes until next year to asses the impact of hikes and as falling commodity prices, particularly in dairy and logs, appear to take some steam out of New Zealand's economic momentum.

New Zealand gained a seasonally adjusted net gain of 4,500 migrants in July, climbing from 4,300 in June, and was the highest net gain since February 2003, Statistics New Zealand said. Net migration to Australia was 100 in July, up from zero in June, but well below the peak net loss of 4,300 migrants to Australia in February 2001.

The number of short-term visitor arrivals rose 7 percent to 196,900 in July from a year earlier, and the highest ever for any July month, helped by more visitors from Australia and China, while visitors from Indonesia were four times higher than last July, the agency said. Overseas trips by New Zealanders fell 2 percent to 233,100 in July from the same month a year earlier.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Fruit & Veg Crackdown: Auckland Fruit Fly Find Under Investigation

The Ministry for Primary Industries (MPI) is investigating a find of a single male Queensland fruit fly in a surveillance trap in the Auckland suburb of Grey Lynn... MPI has placed legal controls on the movement of fruit and some vegetables outside of a defined circular area which extends 1.5km from where the fly was trapped in Grey Lynn. More>>

ALSO:

Scoop Business: Westpac NZ Reaches $2.97M Swaps Settlement

Westpac Banking Corp’s New Zealand unit has agreed to pay $2.97 million in a settlement with the Commerce Commission over the way the bank sold interest rate swaps to farmers between 2005 and 2012. More>>

ALSO:

Going Dutch: Fonterra Kicks Off $144M Partnership With Dutch Cheese Maker

Fonterra Co-operative Group, the world’s largest dairy exporter, has commissioned a new dairy ingredients plant in Heerenveen, in the north of the Netherlands, its first wholly-owned and operated ingredients plant in Europe. More>>

ALSO:

Scoop Business: NZ Retail Sales Beat Estimates

New Zealand retail sales rose more than expected in the fourth quarter, led by vehicle-related transactions, food and beverages, adding to evidence that cheap credit and a growing jobs market are encouraging consumers to spend. More>>

ALSO:

Delivery Cuts Go Ahead: 'Government Money Grab' From NZ Post

"It's a money grab by the Government as the shareholder of New Zealand Post" says Postal Workers Union advocate Graeme Clarke about the changes announced by NZ Post. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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