Record numbers of New Zealanders are leaving the country, driven by rising unemployment, high interest rates, and sluggish economic growth, according to new government data. Statistics New Zealand reported on Tuesday that 131,200 people departed in the year ending June 2024, marking the highest annual emigration on record. Approximately one-third of these emigrants are moving to Australia.
Despite high levels of net migration, with more people arriving than leaving, economists predict that this trend may reverse as the allure of New Zealand wanes amidst a softer economy and decreasing foreign interest. The data reveals that 80,174 of those leaving were New Zealand citizens, nearly doubling pre-pandemic departure rates.
Merrily Allen, who plans to relocate to Hobart, Tasmania, with her family in early 2025, cited better job opportunities and living conditions as key reasons for her move. “There is a lot of opportunity over there. They’re always, always looking for people in my profession,” said Allen, who works in dental administration. “Australia just seems to have it together.”
The shift contrasts with the pandemic era when many New Zealanders abroad returned home due to the government's handling of the outbreak. Now, economic frustration is driving people away. Economists point to high living costs, elevated interest rates, and limited job prospects as factors pushing Kiwis to seek opportunities in Australia, the UK, and other countries.
New Zealand’s economic challenges include a 521 basis point hike in cash rates, the largest tightening since the introduction of the official cash rate in 1999. The economy grew by only 0.2% in the first quarter, with unemployment rising to 4.7% in the second quarter, while inflation remains persistently high at 3.3%.
Australia's proactive recruitment efforts in fields such as nursing, policing, and teaching are attracting New Zealanders, particularly since they do not require visas to work there. Meanwhile, New Zealand's government has been downsizing the public sector, leading many skilled workers to seek opportunities abroad.
(Source:www.cnbc.com)
Despite high levels of net migration, with more people arriving than leaving, economists predict that this trend may reverse as the allure of New Zealand wanes amidst a softer economy and decreasing foreign interest. The data reveals that 80,174 of those leaving were New Zealand citizens, nearly doubling pre-pandemic departure rates.
Merrily Allen, who plans to relocate to Hobart, Tasmania, with her family in early 2025, cited better job opportunities and living conditions as key reasons for her move. “There is a lot of opportunity over there. They’re always, always looking for people in my profession,” said Allen, who works in dental administration. “Australia just seems to have it together.”
The shift contrasts with the pandemic era when many New Zealanders abroad returned home due to the government's handling of the outbreak. Now, economic frustration is driving people away. Economists point to high living costs, elevated interest rates, and limited job prospects as factors pushing Kiwis to seek opportunities in Australia, the UK, and other countries.
New Zealand’s economic challenges include a 521 basis point hike in cash rates, the largest tightening since the introduction of the official cash rate in 1999. The economy grew by only 0.2% in the first quarter, with unemployment rising to 4.7% in the second quarter, while inflation remains persistently high at 3.3%.
Australia's proactive recruitment efforts in fields such as nursing, policing, and teaching are attracting New Zealanders, particularly since they do not require visas to work there. Meanwhile, New Zealand's government has been downsizing the public sector, leading many skilled workers to seek opportunities abroad.
(Source:www.cnbc.com)