Net migration in New Zealand rises to fresh record

New Zealand's annual migration has risen to a record for the third consecutive month, led by an increase in student arrivals from India and fewer Kiwis crossing the Tasman to Australia.

The country gained a net 47,684 migrants in the year ended October 31, according to Statistics New Zealand. Annual arrivals rose 16 per cent from the previous year to a new high of 107,200, while departures fell 20 per cent to 59,500. The annual net loss to Australia was 5,300 people, the smallest loss in 20 years. The Reserve Bank estimates strong migration will add 50,000 people to the labour force over the next two years. The central bank has been surprised by the "muted impact" record inflows have had on house price inflation so far, which it says hasn't led to as big a gain in property prices as in the past. This may be down to the composition of the migration flows, which have been characterised by fewer New Zealanders leaving for Australia as well as more returning from across the Tasman, and younger people coming on temporary working visas. Monday's figures show Indian arrivals jumped 64 per cent in the year to be the third largest source of migrants at 10,722 people arriving. Australia was the biggest source of arrivals at 22,721 migrants in the year, although many are New Zealanders returning home, Statistics said.

The United Kingdom was the second largest contributor, although arrivals fell 2.9 per cent from the previous year, with 13,709 arriving.

In the month, New Zealand gained a seasonally adjusted net 5,200 migrants, surpassing the previous month's high of 4,800. Seasonally adjusted, there was a loss of 100 migrants to Australia in October, well below the peak monthly net loss of 4,300 migrants across the Tasman in February 2001. https://au.finance.yahoo.com/news/net-migration-rises-fresh-record-230308499.html