The continuing high migration figures are a surprise.
February's net migration hit almost 131,000, with more than 253,000 migrants arriving, and about 122,000 heading offshore.
JMI Wealth Director Andrew Kelleher told Mike Hosking that he's been expecting numbers to cool off, but this hasn't happened.
He says lots of people are moving around as both sides of the net migration equation run at record levels.
Kelleher adds visitor numbers are positive, with the Chinese market the highest since January 2020.
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