Migration figures continue to break records, despite February's permanent long-term arrival numbers being lower than forecast.
In February, there were 4280 net migrants, compared with 5460 in January. Annual net migration reached 55,121 in the year ended February, compared with 53,797 in the year ended January.
Westpac senior economist Felix Delbruck interpreted the latest monthly data as being a modest rise in net departures of New Zealanders to Australia and a modest drop in net arrivals of foreign migrants. However, the former remained close to two-decade lows while the latter was not far from its recent historic peaks.
''While arrivals of international students do seem to have moderated, arrivals of temporary workers have hovered around historic highs for the last few months.
''Our take-out from the last few months of data is monthly net migration seems to have reached a peak, but is likely to maintain a pace of roughly 5000 for some time yet.''
He remained ''comfortable'' with the view annual net immigration would approach a peak of 60,000 towards the end of the year and remain high into 2016, Mr Delbruck said. Net migration had been supported by the combination of job opportunities created by the Canterbury rebuild and the lack of opportunities in Australia. Neither of those drivers was about to change, he said.
A closer look at Statistics New Zealand figures showed migration had averaged a net gain of 4900 for the past six months, breaking the previous net gain record of 4700 in February 2003.
The net gain in February 2015 was higher than the gain in February 2014 of 3700 because of more arrivals of non-New Zealand citizens as well as fewer departures of New Zealand citizens.
The seasonally adjusted net loss of migrants to Australia in February this year was 300, compared with a net loss of 600 in February last year. The highest-ever net loss to Australia was 4300 in February 2001, just before an Australian immigration policy change restricted access to welfare benefits for New Zealand citizens arriving after that date.
Government statistician Liz MacPherson said in a statement the increase in migrant arrivals in the year ended February compared with the previous corresponding period was led by India (up 5900), Australia (up 2900), China (up 1300), the Philippines (up 1200) and France (up 1100). The increase in arrivals from Australia included 2200 more New Zealand citizens and 700 more non-New Zealand citizens.
The fall in migrant departures was mainly due to fewer departures of New Zealanders to Australia, down 9000. Departures of New Zealanders to Australia had more than halved in the past two years from 47,400 in the year ended February 2013 to 22,800 in the year ended last month, she said.
The net loss of 2600 people to Australia in the February 2015 year was well down from the net losses of 15,000 in the February 2014 year and 36,700 in the February 2013 year.
''The latest figure is the smallest net loss to Australia since the March 1992 year of 2300,'' she said.
Mr Delbruck said he expected to see a turnaround in immigration from late 2016 - possibly quite sharply as the Canterbury rebuild wound down and Australian economic conditions improved.
''But for now, net immigration is boosting population growth, supporting buoyant retail activity and adding to housing market conditions - all while alleviating labour shortages and helping keep inflation low.''
At a glance
New Zealand recorded net gains of migrants in the year to February 2015, led by:
* India, 11,800.
* China, 7500.
* The United Kingdom, 5100.
* The Philippines, 3800.
The biggest changes in migrant arrivals by visa type between the February 2014 and February 2015 years were:
* Student visas, up 8500.
* Work visas, up 3300.
* New Zealand and Australian citizens, up 2500.
