New Zealand Economy

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New NZ PM facing immense pressure over housing

By Leith van Onselen Yesterday’s release of the 2017 Demographia International Housing Affordability Survey has stepped-up pressure on New Zealand’s National Government, and new Prime Minister Bill English, to undertake genuine housing market reforms in a bid to restore some semblance of affordability. The latest Demographia report showed New Zealand’s Median Multiple (median house price

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NZ housing values surge past $NZ1 trillion

By Leith van Onselen With the 2017 Demographia International Housing Affordability Survey showing New Zealand with the second most expensive housing market out of the nine nations surveyed: We shouldn’t be surprised to see that the total value of New Zealand’s housing stock has also surged through $NZ 1 trillion for the first time, growing

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Australia’s kiwi exodus rolls on

By Leith van Onselen Statistics New Zealand has released its permanent & long-term migration figures for November 2016, which revealed that annual net permanent and long-term migration into New Zealand hit another all-time high 70,354 people: In the year to November 2016, there was a net inward migration of people from Australia of 1,830 people,

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Australia’s kiwi exodus recession indicator powers on

By Leith van Onselen Statistics New Zealand has released its permanent & long-term migration figures for October 2016 (delayed after the recent earthquake), which revealed that annual net permanent and long-term migration into New Zealand hit an all-time high 70,282 people: In the year to October 2016, there was a net inward migration of people

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NZ PM John Key resigns

By Leith van Onselen Just in via Fairfax: John Key has resigned as prime minister of New Zealand, in a shock announcement. He made the decision days after celebrating eight years as Prime MInister and a decade as leader of the National Party. Mr Key made the announcement at a press conference on Monday. “I’ve

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RBNZ targets housing risks in financial stability report

By Leith van Onselen The Reserve Bank of New Zealand (RBNZ) has released its latest financial stability report (FSR) which contains several stark warnings about the build-up of risks in the housing market: Vulnerabilities in the housing market have increased in the past six months. Despite some recent softening, house price growth in Auckland remains

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RBNZ cuts cash rate for last time

By Leith van Onselen As widely expected, the Reserve Bank of New Zealand (RBNZ) has cut the official cash rate (OCR) by 0.25% to 1.75%, the first rate cut since August. According to the release accompanying the cut, RBNZ governor, Graeme Wheeler, slated the cause primarily on a weakening global environment, a strong Kiwi dollar,

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NZ delays real estate dirty money crackdown

By Leith van Onselen After launching consultation in August on the second tranche of anti-money laundering (AML) regulations capturing real estate agents, accountants, lawyers, and other non-financial businesses, it appears that New Zealand’s National Government may be getting cold feet. As reported this week on Interest.co.nz (here and here), Justice Minister Amy Adams has delayed

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NZ unemployment tumbles to 4.9%

By Leith van Onselen Statistics New Zealand has this morning released its labour force data for the September quarter, with employment growth strengthening and the unemployment rate falling to 4.9% from 5.0% (revised) in the June quarter. The key changes are outlined in the below table: As shown above, employment rose 1.4% in the September

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Australia’s Kiwi exodus recession indicator hits new high

By Leith van Onselen Statistics New Zealand has released its permanent & long-term migration figures for September 2016, which revealed that net permanent and long-term migration into New Zealand continues to boom, hitting a record high annual net gain of 70,000 migrants: Migrant arrivals numbered 125,600 in the September 2016 year, setting a new annual record.

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Salvation Army slams population ponzi

By Leith van Onselen The Salvation Army has entered the debate over New Zealand’s high immigration program, releasing a report that is critical of the Government’s immigration settings and calling for a “broad public debate” around immigration: Over the past three years, we have seen record net migration that is not just the result of

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NZ Greens humiliate Aussie population ponzi brethren

By Leith van Onselen The debate over New Zealand’s high immigration program continues to bubble with The Greens yesterday calling for New Zealand to adopt a 1% population growth target that smooths-out big swings in immigration. From Interest.co.nz: Co-Leader James Shaw has proposed changing migration settings in a dynamic way to ensure the population grew

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NZ moves to slow population ponzi

By Leith van Onselen I written previously how New Zealand’s record-breaking immigration-fueled population growth has become a hot political issue following recent concerns raised by the New Zealand Treasury, the Reserve Bank of New Zealand (RBNZ), former┬áRBNZ special adviser, Mike Reddell, as well as two of the major banks (here and here). Last month, Labour’s

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Kiwis raid retirement savings for housing

By Leith van Onselen Nick Xenophon would be proud. A record number of New Zealanders are raiding their retirement savings to pay a house deposit. From Interest.co.nz: In its 2016 KiwiSaver report the Financial Markets Authority (FMA) notes “huge” growth in the withdrawal of KiwiSaver funds by members striving to buy a house. “Nearly $500