Rise in migrants may help keep interest rates high

(Image: NZME)

Thu, 12 Oct 2023

A record number of migrants is one factor that might keep interest rates higher for longer.New Zealand had a seasonally adjusted net inflow of 9,890 permanent and long-term migrants in August, taking the annual net migration gain to 110,200, according to provisional data from Stats NZ Wednesday.The net gain of 152,800 non-NZ citizens “dwarfed” the net loss of 42,600 NZ citizens, ASB Bank senior economist Mark Smith said. There were particularly large inflows from India, the Philippines, China and Australia.Tight labour marketWhile t...

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