New migration numbers may be painting a bleak picture of our economy

New Zealand saw it's highest net migration loss to Australia in the year to December in more than a decade - with 30-thousand leaving.

Overall net migration for the May 2025 year levelled out at a gain of just under 15 thousand.

But ASB Senior Economist Mark Smith says net migration is normally about a 30-thousand person inflow.

He says there's been a sharp slowdown in the number of people coming in, and we've also seen record numbers leaving - which reflects the weakness in the economy.