The never-ending infrastructure shortage circus


Statistics New Zealand on Wednesday reported that net overseas migration (NOM) into New Zealand hit a record high 118,800 in the year to September:


This was driven by a record net migration gain of 163,600 non-New Zealand citizens – mainly of India, the Philippines, China, Fiji, and South Africa – which more than offset the record net migration loss of 44,700 New Zealand citizens:

NZ Non-Resident NOM

The surge in New Zealand NOM has already lifted rents, particularly across Auckland:

New Zealand rents

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.