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I don't know, and I've often wondered. When I lived in Oklahoma, we would sometimes see the seasonal migrations of the monarchs, and it is quite an awesome spectacle.
According to Wikipedia, it seems that they don't migrate in New Zealand. Also, I learned that for those in the Americas that do migrate, no one monarch makes the entire trip. Apparently, the migration time is greater than the butterfly's lifespan. That's kind of tragic and poetic.