The country continues to lose residents in record numbers, and the gain from migration has tumbled to less than a quarter of the record surge a year ago.
Stats NZ said 127,800 people left the country in the year ended November 2024, offset by the arrival of more than 158,400 immigrants.
The annual net gain of 30,600 migrants was the lowest since the end of 2022, and less than a quarter of the peak 135,700 immigration surge in October 2023.
ASB senior economist Mark Smith said the decline in immigration gains had been slowing in recent months but there was a risk that it would decline even further.
"This will erode a key leg of support for the New Zealand housing market, domestic demand and labour market capacity."
The department says the bulk of people leaving the country were headed to Australia, while immigration was dominated by returning New Zealanders and people from India, China, and the Philippines.
Stats NZ revisions to previous numbers suggested fewer people leaving the country, but also significantly fewer people immigrating.
Tourist numbers increased to 3.2 million in the year ended November, with a rise in travellers from Australia, China and the UK.
However, the annual tally was still down about 16 percent on the peak of about 4m reached before Covid.
The government has signalled plans for rule changes to encourage further immigration and increase tourism as part of a broader plan to fuel economic growth.
"Easing economic support from net immigration and tourism inflows will weigh on economic growth and translate into greater spare capacity," Smith said, adding that would support further Reserve Bank rate cuts to support the economy.
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