Sharechat Logo

Kiwis moving to Australia at record low, pushing NZ's net migration near to all-time high

Wednesday 21st May 2014

Text too small?

Kiwis leaving for Australia fell to a record low last month, boosting New Zealand's net migration to levels the Reserve Bank says will help drive up house prices and stoke inflation.

The country gained a seasonally adjusted 4,100 net new migrants in April, the second highest net gain on record, and up from 3,800 in March, said Statistics New Zealand. A net 200 people left for Australia in April, the lowest since the government began tracking the data in 1996 and down from 400 in March.

In the year ended April 30, New Zealand gained a net 34,400 migrants, as 98,800 people arrived while 64,400 departed. That's almost three times the average annual net inflow in the past 20 years and the highest since 2003. In the year, the net loss to Australia fell to 11,100, from 34,100 a year earlier.

Net migration is forecast to peak at 38,000 later in the year, according to the Treasury's Budget projections released last week. The Reserve Bank has already embarked on a cycle of hiking interest rates citing rising migration among a number of inflationary pressures.

"We think the surge in migration will support the housing market through this year, but not enough to stop prices from slowing as mortgage rates continue to rise," Felix Delbruck, a Westpac senior economist, said in a note. Signs of improvement in the Australian economy and the eventual slow-down in the Canterbury rebuild mean "the current migration boom won't last forever."

India overtook China to be the biggest source of migrants in the year ended April, with a net 6,400 Indian migrants arriving. Chinese migrants were a net 6,200 and people from the United Kingdom a net 5,900. Auckland attracted the most international arrivals with a net gain of 16,000, Canterbury had a net gain of 5,300 and Otago gained a net 900 migrants.

Today's figures show short-term visitor arrivals rose 12 percent to 224,200 in the month compared to a year earlier, as an April Easter attracted more international holiday makers, Statistics NZ said.

Annually, short-term visitors rose 6 percent to 2.78 million, as arrivals from Indonesia and Singapore both grew more than 17 percent. Australian visits rose 5.5 percent to 1.24 million in the year ended April, China rose 10 percent to 239,376, the US gained 11 percent to 209,280 while annual UK visitors rose 2.8 percent to 194,288.

 

BusinessDesk.co.nz

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar headed for 1.3% weekly gain on expectations of a Fed rate cut
RBNZ knock-back gives Resolution chance to low-ball AMP - Jarden
Rail hubs may not boost Napier Port log trade
O'Connor looks to overhaul Biosecurity Act, improve animal tracing
Denton Morrell undefended at liquidation hearing
Contact steam to heat Norske Skog pellet business secured
Air NZ to amend booking engine after lawyer’s complaint
Ross McEwan to take helm at NAB
KPMG says bank capital proposals will wreck havoc on dairy farmers
Mild weather saps Vector's June-qtr volumes

IRG See IRG research reports