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Migration hits record high

Posted on 27 February, 2015

Net migration for the year to the end of January hit a record high of 53,800, with arrivals outnumbering those leaving New Zealand by two to one. New Zealand's stronger job market was continuing to attract foreign workers in large numbers, Westpac Bank economists said. The biggest net gain of migrants in the year to January came from India on 10,776, followed by China on 7,588, Hong Kong on 615, the UK on 5,072, the Philippines on 3,753, France on 2,726 and Germany on 2,608. Meanwhile the number moving to Australia was at its lowest levels since 1992 at 23,100. In January alone there was a record net gain of 5,500, dispelling any notions the flood of migrants had peaked late last year.

New Zealand's strong net migration has helped stoke economic activity, pushing up demand for housing while also reducing pressure on wage inflation by boosting the supply of labour. It has also benefited the new and used vehicle markets.

Westpac's senior economist Felix Delbruck said the bank's economists expected net migration to peak at around 60,000 a year. "That means continued very strong population growth, with the associated boost to retail spending and housing demand."