Arrivals Soar

New Zealand saw the number of Australian tourists exceed the one million mark for the first time and the total annual immigration increase to a two year high, Statistics New Zealand has reported. The number of permanent migrant arrivals exceeded departures by 11,202 in the year through May, which may stoke consumer spending and housing demand and help the economy recover from a recession. “The gain in migration represents a tangible positive ingredient for underlying housing demand,” said chief economist at UBS AG in Christchurch Robin Clements. “The drag that housing has placed on GDP growth is set to fade.”