As New Zealanders grapple with high interest rates, stubborn inflation and general economic downturn, job losses have begun and more Kiwis than ever are leaving for good.
Economic downturn in New Zealand is leading to job losses with unemployment expected to hit 5 per cent by the end of the year.
Since then, New Zealanders have been battling high prices, high interest rates as well as a general downturn.After a high of more than 7 per cent at the end of 2022, inflation is still around 4 per cent and economists warn, there is a way to go before conditions in the country ease.The New Zealand budget is at the end of the month. It'll be the first full budget from the new right-bloc Coalition government and a raft of public service cuts have already been flagged.
A version of the evening news bulletin will be saved, but it's estimated 200 staff will still lose their jobs.There are other losses too, with a food manufacturer, fashion brand Kate Sylvester, and the New Zealand arm of Godfreys all announcing they will close in recent months.The job market has been contracting for a while, with Seek New Zealand data showing the number of job advertisements has been steadily declining since 2022.
"There's a lot more people coming and looking for jobs, over the last year though job ads have fallen 30 per cent and are now 17 per cent below pre pandemic levels.New Zealand-based ANZ economist said that while the unemployment rate has been driven up by having more people looking for work, the impact of job losses was now also biting.
The post-pandemic exodus is believed to be partly driven by how tough it is to get a job, but also how unlikely New Zealanders are to get a pay rise.
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