New Zealand Economy

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“Alarming” NZ immigration might be even higher than reported

By Leith van Onselen Earlier this week, Statistics New Zealand released its population estimates for the June quarter of 2016, which recorded an unprecedented population increase of 100,400 (2.1%) in the year to June, driven by a record high 72,300 net migration: Today, Economics forecaster and consultancy Infometrics has produced new research suggesting that the

2

NZ house prices fell again in July as volumes collapsed

By Leith van Onselen The REINZ has released its house price data for July, which revealed a 1.2% seasonally adjusted monthly fall in the national median house price, although prices were still up 3.3% year-on-year: Outside Auckland, house prices fell by 2.6% in July, with prices up 6.2% year-on-year. Looking at the major cities, Auckland’s

7

NZ economy: more ponzi than real growth

By Leith van Onselen Bernard Doyle, a strategist at JBWere, has penned a ripping new report on the New Zealand economy, arguing that rabid population growth is masking underlying weak productivity and poor per capita GDP growth. From Interest.co.nz: New Zealand has been in a productivity recession since 2012. Not that you’d notice from headline

8

NZ Kingmaker demolishes population ponzi, rises in the polls

By Leith van Onselen With New Zealand’s general election due on 23 September, immigration reduction party, New Zealand First, remains in the box seat to hold the balance of power and become the kingmaker that decides the next New Zealand Government. Wednesday’s Newshub-Reid Research poll revealed that New Zealand First is on track to become

1

NZ PM spins Auckland housing failure

By Leith van Onselen With the New Zealand National Government’s single-minded focus on solving Auckland’s housing crisis by boosting supply failing dismally, and with an election due on 23 September, Prime Minister Bill English has resorted to spin. From Interest.co.nz: A steadier route to a later peak for Auckland house building might bring benefits both

1

CoreLogic debunks NZ PM on Auckland housing shortage

By Leith van Onselen Yesterday in Parliament, New Zealand Prime Minister, Bill English, batted away suggestions that Auckland’s housing shortage was getting worse: English trumpeted a growing supply of new houses. The PM brushed off a question about a 40,000 shortfall by saying the government didn’t accept the figure. But he did accept there had

14

7 weeks out from election, NZ Labour changes leader

By Leith van Onselen With the General Election scheduled for 23 September, the opposition Labour Party has done the unthinkable and replaced its leader. Interest.co.nz has documented this morning’s mayhem: 8am: Good morning. Labour Party leader Andrew Little will face his caucus just after 10am on the third floor of Parliament Buildings. Little cancelled all

1

NZ housing supply falls further behind population growth

By Leith van Onselen The New Zealand National Government’s single-minded focus on solving Auckland’s housing crisis by boosting supply continues to fail. Yesterday, Statistics New Zealand released figures showing that in the year ended June 2017, 30,453 new dwellings were consented: While this was up 4.7% from June 2016, it paled into insignificance against the

7

NZ mortgage growth falling as macro-prudential bites

By Leith van Onselen The RBNZ has released its monthly credit aggregates data, which showed New Zealand household borrowing continuing to retrace sharply from September’s cyclical high, recording annual growth of 7.6% in June: Most of New Zealand’s household debt is driven by mortgages, which has also retraced sharply to to 7.7% in the year

5

NZ Government locks in ‘skilled’ migrant slave wages

By Leith van Onselen Back in April, New Zealand’s National Government announced modest “tweaks” to the country’s immigration program, which including a $48,000 income threshold for a skilled migrant, as well as only allowing employers to tap lower-skilled migrants for three years, with these people facing an annual review of their visas. The announcement of immigration

3

NZ investor mortgage lending halves on macroprudential

By Leith van Onselen Data released by the Reserve Bank of New Zealand (RBNZ) revealed that property investor lending has cooled materially since the RBNZ implemented new loan-to-value ratio (LVR) restrictions targeting investors, which officially came into effect on 1 October 2016, although banks began informally applying the rules since they were first announced in

16

NZ Government balks at immigration reform

By Leith van Onselen Back in April, New Zealand’s National Government announced modest “tweaks” to the country’s immigration program, which including a $48,000 income threshold for a skilled migrant, as well as only allowing employers to tap lower-skilled migrants for three years, with these people facing an annual review of their visas. The announcement of immigration

6

Anatomy of an Auckland housing disaster

By Leith van Onselen Back in March, New Zealand’s Productivity Commission (PC) has released a report entitled “Urban planning – moving beyond the wheel spin”, which basically concluded that Auckland’s housing system is under siege from the combination of rapid population growth butting heads with a dysfunctional planning system, which is unable to cope with

1

NZ immigration hits another record high

By Leith van Onselen Statistics New Zealand has released its permanent & long-term migration figures for June 2017, which revealed that annual net permanent and long-term migration into New Zealand hit a record high 72,305 people over the year: According to Statistics New Zealand, migrant arrivals were a record high 131,400 in the June 2017

10

Immigration reduction party on track to decide NZ election

By Leith van Onselen I noted back in May how anti-immigration party, New Zealand First, had significantly increased its voter support, meaning that it could hold the balance of power and decide who forms the next government following the 23 September General Election. Today, Roy Morgan Research has released new polling showing that the incumbent

12

NZ housing minister fails in Auckland housing defence

By Leith van Onselen New Zealand’s housing minister, Nick Smith, took spin to a whole new level yesterday, denying that his National Government had failed on their promise to boost Auckland housing supply and arguing that housing affordability had actually improved. From Interest.co.nz: The Building and Construction Minister was speaking on Radio NZ about a story that

7

Auckland’s housing shortage continues to worsen

By Leith van Onselen The New Zealand National Government’s single-minded focus on solving Auckland’s housing crisis by boosting supply continues to fail. Today, Statistics New Zealand released figures showing that construction momentum has continued to slow in Auckland, with just 885 dwelling consents issued in May and 10,379 issued over the year, with a downward