New Zealand sees record exodus of citizens as economy struggles
NEW Zealand is experiencing a record exodus of citizens as a sluggish economy reduces job opportunities.
Some 78,200 citizens departed in the year through March, Statistics New Zealand said Tuesday in Wellington. That’s up from 74,900 in the year through February. Adjusting for citizens returning home, net departures rose to a record 52,500, surpassing 50,000 for the first time, the statistics agency said.
High interest rates have hit consumer spending and business confidence, with hiring intentions in decline according to recent surveys. Faced with a tightening labour market, New Zealanders are turning to Australia and other overseas markets where wages can be more attractive.
Australian health authorities and the police have offered lucrative pay and employment packages to attract staff from New Zealand.
While departures have surged, so too has the inflow of foreign migrants. Net immigration, which peaked at more than 139,000 in the year through October, is now slowing. It fell for a fifth straight month to 111,145 in the year through March, today’s report showed.
The population surge has prompted the Reserve Bank to warn that the extra demand for houses and rental accommodation might add to inflation, while the government has labeled the situation as “unsustainable” because it is creating stress on infrastructure such as education and health services. BLOOMBERG
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Pentagon chief touts China talks and efforts to box Beijing in
US says it could act against China firms, banks over Russian war support
US extends temporary suspension of tariffs on Ukraine steel for another year
S&P downgrades three Baltic countries due to war in Ukraine
Opec+ changes meeting venue again as ministers head to Riyadh
China grants quotas under outbound investment scheme QDII after 10-month hiatus