New Zealand’s Immigration Numbers Reach Record High
New Zealand has seen a significant surge in immigration numbers, reaching an all-time high, which has had both positive and negative effects on the country. Economists have noted that this influx of immigrants has provided relief to employers struggling to fill job vacancies, yet it has also exacerbated the housing market’s challenges.
Immigration Reaches Historic Levels
Statistics New Zealand reported that the net number of immigrants in the year ending August reached 110,000, surpassing the previous record of 103,000 set just a month earlier. This is a remarkable turnaround, especially considering that during the peak of the COVID-19 pandemic, more people were leaving New Zealand than arriving.
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Jarrod Kerr, the chief economist at Kiwibank, highlighted the enormity of these numbers, particularly in a small economy like New Zealand. He suggested that this surge in immigration likely represents pent-up demand that accumulated during the pandemic, providing much-needed relief for employers who struggled to find skilled workers for vacant positions.
Unemployment Remains Low
Despite the surge in immigration, New Zealand’s unemployment rate remains relatively low, standing at 3.6 percent. This indicates that immigrants have been vital in meeting the country’s labor demands, filling roles that were difficult to staff in the previous year.
Housing Market Struggles
However, while the influx of immigrants has been beneficial for the labor market, it has also placed pressure on the housing market. New Zealand’s housing supply remains insufficient to accommodate the growing population, resulting in increased demand for homes. This housing shortage has driven up prices and made it challenging for both newcomers and existing residents to find suitable housing.
Origin of Immigrants
The data reveals that the majority of immigrants come from India, followed by the Philippines and China. The total number of immigrants during the year reached a record 225,000, while the number of New Zealanders leaving the country also approached record levels, at 115,000.
Concerns about Brain Drain
A notable aspect of this migration trend is the net loss of nearly 43,000 New Zealand citizens, many of whom were enticed to Australia with promises of higher salaries. Under a reciprocal arrangement, New Zealanders and Australians have the opportunity to live and work in either country. Jarrod Kerr expressed concerns about this “brain drain,” emphasizing the loss of trained and skilled individuals to another nation.
Immigration and the General Election
These immigration statistics were released just days before a general election in New Zealand. Interestingly, immigration has not been a significant campaign issue, with the main parties focusing more on concerns related to the cost of living, tax cuts, and crime.
In conclusion, New Zealand’s recent record-high immigration numbers have had a substantial impact on the country’s labor market, housing market, and population dynamics. While it has helped employers find skilled workers, it has also highlighted the pressing need for housing solutions and the challenge of retaining New Zealand’s talent in the face of opportunities abroad.
Source: Economictimes
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