ONLY CHARTS #346
Aus net immigration & travel, NZ PMI, NZ Q1 GDP nowcast, Aus high DTI housing loans, US PPI services
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1. The number of permanent & long-term arrivals to, and departures from, Australia have both fallen in recent months (latest is April). These data are based on what passengers fill out on immigration cards.
2. Net permanent & long-term arrivals to Australia moderated a little in early 2025 but remained well above the most recent low recorded last year.
We are a little wary about reading too much into the estimated pick-up in net permanent & long-term arrivals. Why? There was similar volatility in our estimates around the same time of year in both 2022 and 2024 that was not reflected in the official quarterly net migration data. This could be due to changing seasonal patterns but only time will tell.
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