June net migration data was a smidgeon stronger than the last couple of months, but still consistent with our view that monthly net migration has passed the peak. Nevertheless, annual net migration will remain at historically elevated levels for some time yet." Auckland is a construction 'boom' town"June net migration data was a smidgeon stronger than the last couple of months, but still consistent with our view that monthly net migration has passed the peak," Westpac Bank's senior economist Anne Boniface said in a note. The Treasury said in the Budget that it expected annual net migration would peak in June at 70,700, before returning to the long-run average of 12,000 by June 2019. Today's data show the inflow of net migration is steady with the seasonally adjusted monthly gain at 5,700, down from a peak of 6,200 in November last year.

Source: New Zealand Herald July 21, 2016 00:00 UTC