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 told Andrew Dickens net migration is normally about a 30 thousand person inflow. 

He says over the past few years, 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. 

LISTEN ABOVE