Migration stays positive, but Aust still attractive to kiwis
12:00 PM Tuesday Dec 21, 2010

New Zealand attracted more new migrants in November as long-term arrivals were steady, though Australia's attraction for kiwis persists.

Seasonally adjusted net migration slipped to 630 last month from 640 in October, though it's down by nearly a third from the same month a year ago.

That's being driven by an increase in the number of New Zealanders jumping across the Tasman with Australia's economy showing more resilience than New Zealand's. Of the 5,547 departures last month, 2,873 went to Australia.

"Slowing net migration is factor contributing to weak demand for new housing and weak retail spending growth," said Jane Turner, economist at ASB. "We expect that net migration will remain subdued for the time being and a key factor in household sector being less of a driver of growth in the current economic recovery."

Inbound net migration has slowed down from last year, when returning expatriates and new New Zealanders helped underpin demand in the housing market.

More here.