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Reserve Bank wrong on immigration

November 13, 2014

NZAMI MEDIA RELEASE

Reserve Bank wrong on immigration

The Reserve Bank has got it wrong on immigration being the main reason for house price inflation says the New Zealand Association for Migration and Investment (NZAMI).

NZAMI, New Zealand's leading professional association for immigration specialists, says the Reserve Bank statement regarding immigration having a big impact on house prices appears to lack an understanding that this is only one factor when looking at the total situation.

NZAMI chair June Ranson says Auckland Council has restricted housing developments for a number of years and it is only because Government has drawn serious attention to this, that things are starting to change.

“The number of building consents is still far too short of what is required,” she says.

“There has not been an increase in migrants, although there has been a net migration gain and this is in relation to a cycle aspect rather than a continued issue.

“New Zealanders are a very transient migrant population with approximately 20% of New Zealanders living offshore. The issue that is different now is that New Zealanders are not leaving.”

Ms Ranson says that Mr. Peters’ comments today fail to understand the makeup of the migrants coming into this country.

She says education institutions are actively seeking international students; also being sought are skilled migrants along with entrepreneurs and investors.

Government has a Resident Programme which is capped at between 45,000 - 50,000 per annum.

“This figure has not been reached. This programme is split between 30,000 skilled/business migrants, (which we need), 11,000 partners of New Zealanders, 5,000 family reunification migrants and 4,000 humanitarian migrants which includes refugees.

“So it is difficult to see where Mr. Peters would like to make cuts when the combined numbers of skilled migrants and partners of New Zealanders total some 41,000 there is not a lot left. Are we to stop family reunification and refugees?”

Ms Ranson says that apart from migrants, the other aspect to the housing market crisis in Auckland is speculative NZ buyers.

“Government should encourage IRD to ensure that any tax liability is being investigated. There are a lot of people buying a house now for selling next year for the profit gain.”

The NZAMI is made up of lawyers and licensed immigration advisers who must uphold professional standards and comply with the Association’s strict Code of Ethics. This Code requires them to uphold the integrity of the New Zealand immigration system and to respect the vulnerability of migrants at all times. For more information please see: www.nzami.co.nz.

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