Migration figs - update

An update to the previous post of 24/7/10 exactly one month ago. Further drop in migrant numbers + market comment on the Australian labour market
Statistics NZ figures show the NZ population declined for the fifth month in a row. Seemingly a record in itself.

Departures exceeded arrivals by (a seasonally adjusted) 220. However outflows to Australia continue (see previous post re the Aussies also having issues with numbers from their traditional sources also down).

On the upside and from different sources; recent comments from the economists at NZ banks suggest a different picture. “Australia’s labour market has slowed considerably over recent months...” - Jane Turner of ASB advised. Tony Alexander at the BNZ also advised that he expects the outflow from NZ to reverse in 2012 as labour and housing markets in Australia weaken but strengthen here. So whilst migrant numbers are well down which is generally not good news for the NZ economy the outflows to Australia and not expected to continue at the current pace.

In labour market terms it certainly looks as if the job market will get tighter in the months to come. The recent financial ‘unrest’ of recent weeks may of course change change things and the high kiwi dollar is also in our view a major issue for the economy at large and for anyone involved in exporting in particular. However the experts seem to think NZ is relatively well placed even with these factors. This is great news for candidates of course as those with skills will find there is more demand and less competition for jobs. For employers however it will likely mean staff and skill shortages. For them now is perhaps a time for to reconsider their recruitment strategies and employer branding and to adjust to what will be for many be a buyers market changing to a sellers one...