There's no sign of a drop in the number of people moving permanently to Australia.
Statistics New Zealand recorded a net loss of 39,800 migrants to Australia in the year to the end of July.
It is the highest year-on-year net loss to Australia, matching similar losses in the years to the end of April and June and continuing a trend unbroken since last October.
Nearly 54,000 New Zealanders went to Australia, while 14,000 migrants came the other way.
But the loss to Australia has been offset by arrivals from other countries, bringing the net total loss to 3800.
ANZ Bank senior economist Mark Smith says July's fall was driven by the shifting of mid-year school holidays to June, because many people align their moves with the school year.
He expects the numbers to increase again next month.