New Zealand is witnessing a surge in emigration due to increasing unemployment, high interest rates, and sluggish economic growth.
In the year ending June 2024, 131,200 people left the country, with about a third moving to Australia.
While net migration remains high, economists anticipate a decrease due to the country’s weakening economy, attracting fewer foreign nationals. Of those departing, 80,174 were citizens, nearly double the pre-Covid numbers.
Conversely, New Zealanders living abroad returned home in unprecedented numbers during the pandemic.
Economists suggest that the high cost of living, elevated interest rates, and limited job prospects are frustrating New Zealanders, prompting many to consider relocating to Australia, the UK, and other countries.
The central bank’s aggressive cash rate hikes, amounting to 521 basis points, resulted in a modest 0.2% annual growth in the first quarter, followed by a rise in unemployment to 4.7% in the second quarter and high inflation at 3.3%.
Moreover, Australia has been actively recruiting and offering relocation packages in areas experiencing skill shortages. Meanwhile, the New Zealand government’s reduction in the public sector has left many skilled workers seeking new employment opportunities.
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