Migration is continuing to break records.
Official figures show a net gain of 69,100 people in the year to June, the 23rd month in a row it has been at record levels.
On a monthly basis, the number of people coming to live here, or return home to New Zealand, rose to 5700.
More people are coming to live here from India, China, the Philippines and Britain.
ASB Bank economist Daniel Snowden said the bank was predicting migration would ease.
"We see a very gentle deceleration in arrivals over the next few years and with a slight pick-up in departures.
"A lot of the arrivals at the moment we're seeing fresh students coming in and they will of course finish their studies and return home."
Meanwhile, visitor arrivals to New Zealand hit a record 3.31 million in the year to June, with people coming from China, Australia and the United States.