New Zealand's annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia.
The country gained a net 45,400 migrants in the year ended September 30, the biggest ever gain, according to Statistics
New Zealand. Annual arrivals rose to 105,500, a record for a September year, while departures fell 21 per cent from the previous year to 60,100. Meanwhile, the net loss of 6000 people to Australia was down from 25,300 for the same period a year earlier.
In August, the Treasury revised its forecast for net migration to peak at 42,500 in September, from a previous 38,100, while the Reserve Bank thinks 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 lead 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.
