This week, the Australian Bureau of Statistics released monthly net permanent and long-term arrivals data, which revealed that immigration into Australia remains turbo-charged:

The opposite is playing out across the pond in New Zealand, where immigration is easing rapidly amid a significant outflow of New Zealand residents to other nations, most notably Australia.

As illustrated by the following chart from Justin Fabo at Antipodean Macro, net migration to New Zealand has eased significantly from last year’s peak:

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Departures of New Zealand residents stay very excessive, though they’ve declined modestly from the height:

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Within the yr to July 2024, 55,800 internet New Zealand residents left New Zealand, up from 37,700 internet departures the earlier yr:

There was a provisional internet migration lack of 27,200 folks to Australia within the yr ended December 2023. This was made up of 17,300 migrant arrivals from Australia to New Zealand, and 44,500 migrant departures from New Zealand to Australia.

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Within the yr to December 2023, 54% of New Zealand citizen migrant departures have been to Australia.

A key motive why Kiwis are fleeing to Australia is as a result of our unemployment fee of 4,2% is presently beneath New Zealand’s at 4.6%:

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The decrease unemployment fee in Australia is a departure from the interval between 2014 and 2018, when Australian unemployment was on common 0.7 share factors increased than New Zealand’s.

New Zealand can also be affected by a deeper per capita recession than Australia:

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Whereas the Australian financial system is in dangerous form, New Zealand’s is even worse.

Accordingly, Kiwis are pouring into Australia, offset by migrant arrivals from creating nations.