Migration to New Zealand higher than expected
New Zealand’s central bank has warned that higher than expected inflows of migrants is putting pressure on the country’s economy. The number of new arrivals was at a decade high during June, according to Statistics New Zealand.
The number of annual arrivals has topped 100,800 and the number of people leaving the country has dropped 22 per cent compared to the same time last year. This is mostly down to fewer people crossing the Tasman to Australia.
The peak in migration levels is stoking spending in the economy as well as a demand for housing. The official cash rate has just been hiked for the fourth time in a row by the Reserve Bank to 3.5 per cent.
However, the stimulus is expected to be put on hold for the foreseeable future as dairy exports, the country’s largest export, were weaker than expected. Analysts are saying that immigration is now exceeding forecasts made by the RBNZ in its Monetary Policy Statement issued in June.
The number of migrants entering New Zealand in the year to June is up 14 per cent. Other than Australia the largest migrant numbers come from India, China and the UK followed by the Philippines and France.
The NZD exchange rates on 24/07/2014 were as follows: GBP NZD = 1.9807, EUR NZD = 1.5699, USD NZD = 1.166, AUD NZD = 1.0982, CHF NZD = 1.2919, INR NZD = 0.0194, AED NZD = 0.3177, MXN NZD = 0.09, CAD NZD = 1.0852, ZAR NZD = 0.1107, RUB NZD = 0.0333, . See today's New Zealand Dollar Exchange Rate
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