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15/11/2023
Newly released figures from Statistics New Zealand show migration levels have surged to the highest level on record - up 83 percent in the year to September 2023.
The data showed 237,100 migrants arrived in the September 2023 year. Meanwhile, 118,200 people were shown to have departed New Zealand for good - up 33 percent.
The overall net gain was mainly driven by migrants from Asia - notably being India, the Philippines, and China.
On the other hand, New Zealand citizens are leaving at near record levels. For the same period, the data showed there was a net loss of 44,700 New Zealand citizens.
Experts have cited pressures on infrastructure, housing, education, and the workforce, in urging for intervention.
As immigration has surged, the number of job listings have continued to decline at a rate of four percent month on month, while inflation has remained a near record-high of 7.2 percent.
Furthermore, migrants now make up a significant proportion of residential property buyers in New Zealand - now expected to contribute to an eight percent increase in house prices next year.
Westpac warns that migration and skyrocketing house prices will continue to fuel inflation into the foreseeable future.
"Population growth is running at multi-decade highs and is adding to demand as well as the productive capacity of the economy,” said Kelly Echoed, the bank’s chief economist.
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