Kiwis Take Flight From New Zealand as Australian Jobs Beckon


© Bloomberg. Commuters ride escalators as they go through the Wynyard Walk pedestrian tunnel at Wynyard railway station in Sydney, Australia, on Monday, July 30, 2018. The nation, whose fiscal year ends on June 30, just marked its 27th year without a recession. Photographer: Brendon Thorne/Bloomberg

(Bloomberg) — New Zealand immigration numbers are on the slide as the nation attracts fewer new arrivals and more locals head to neighboring Australia for better pay or job prospects.

Net immigration in the third quarter was the lowest for that period in four years, Statistics New Zealand data showed Friday. The annual number has dropped to less than 63,000 from a peak of 72,400 in July last year.

Departures have jumped as people employed on building projects after the 2011-12 Christchurch earthquakes leave the country and more residents move to Australia, which has historically offered better prospects for many workers.

The net outflow of New Zealand residents to Australia increased to almost 6,400 in the year through September. It was more than five times that level at its peak, suggesting there’s ample scope for immigration to slow further.

“The pick-up in annual departures was broad-based,” said Mark Smith, senior economist at ASB Bank in Auckland. “We expect annual net inflows to continue to recede from record highs, reaching around 40,000 persons by the end of next year.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Comments

comments