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Analysts at TD Securities note that the New Zealand’s migration for June cooled further to 4840 from 5080 (and the lofty peaks of 6000+ during 2015-2017).

Key Quotes

“From the annual peak of nearly 73k (mid-2017 just as the election campaign kicked off) it has eased to under 65k without any legislation needed to be passed. Recall Winston Peters (NZF) campaigned on a slash to +10k pa, while the government eventually settled on a target closer to 30-40k.”