Net migration inflows into New Zealand are rising with a seasonally adjusted gain in March of 1,220, February 720, and January 420. At this pace the annual net inflow will reach the ten year average of 10,000 within maybe five months. The actual net annual gain to March was 2,542 from a loss of 3,383 […]
New Zealand’s labour market is improving but not yet at a rapid pace. Although job numbers soared by 1.7% during the March quarter the data have been very volatile recently and if we smooth the outcomes we get more sensible underlying growth near 0.4% a quarter or 1.6% annualised. That is below growth which averaged […]
This month I spent about a week in London meeting many groups of Kiwi expats and speaking at a function for the NZ Business Women’s Network, between attending conferences in Belgium and examining the banking collapse in Cyprus.
The Finance Minister Bill English this afternoon delivered his fifth Budget and for the first time was able to present a reasonably positive outlook with growth in the economy accelerating as the Christchurch rebuild gets underway, investment grows in the agricultural sector, commodity prices perform well, and building in Auckland also moves upward.
The Kiwi dollar has undergone a sizeable fall against the greenback over the past week (but not the Australian dollar) and exporters are being presented with some improving levels for boosting their hedging. This evening the NZD was trading near US 82.2 cents compared with 84.6 cents a week ago. The NZD has also declined […]
I’ve not much to write here this week even though there are always things of interest happening in the countries of interest to us. In Australia the story is one of the economy not performing as well as expected with weakness induced in some sectors by the high AUD.
The REINZ reported this week that in April there were 7,104 dwellings sold around New Zealand. This was a decrease from 8,128 in March but March is almost always the strongest month of the year so we read nothing into that monthly change. In fact in rough seasonally adjusted terms sales actually firmed in April […]
We have seen some mild upward movements in wholesale interest rates further out along the yield curve this past week driven largely by slightly higher yields in the United States rather than any shift of NZ monetary policy expectations. The US ten year government bond yield has climbed this week to 1.93% (peak was 1.97%) […]