New Zealand's population exodus hits 13-year high as economy worsens
SYDNEY : New Zealand citizens leaving the country have hit the highest levels in 13 years, with more than a third of those emigrating aged under 30 years as unemployment rises and economic growth remains soft.
Data released by Statistics New Zealand on Friday showed 71,800 New Zealand citizens departed New Zealand in the year ended June 2025, up from 67,500 in the previous 12-month period and below the record 72,400 in the year ended February 2012.
New Zealand's net migration, which is the number of those arriving minus those leaving, also fell with foreign nationals moving to the country of 5.3 million nearly halving from 2024.
The rush to leave comes amid one of the worst economic downturns since 1991, which analysts blame on low productivity and various policy missteps.
Unemployment ticked up to a near five-year high of 5.2% in the second quarter, data showed last week, while the labour force participation rate – which includes workers either employed or actively looking for work – fell to its lowest since the first quarter of 2021.
Since August 2024, the Reserve Bank of New Zealand has cut its cash rate by 225 basis points to support an economy which sank into recession last year. The economy showed signs of improvement with gross domestic product increasing 0.8% in the first quarter.
New Zealanders aged 18 to 30 years made up 38% of the departures, compared with a peak of 60% in 1979.
Economists and analysts have said New Zealanders, stung by fewer job opportunities and the cost of living, are looking to move to neighbouring Australia, Britain and elsewhere.
Australia has been offering relocation packages in sectors where they have skill shortages to lure New Zealanders, who do not need visas to work there.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
3 hours ago
- Malay Mail
From office selfies to fake workdays: Why China's pretending to work is taking off
SHANGHAI, Aug 18 — A quirky new trend is taking off across China: 'pretend work'. These companies offer people the chance to rent office space and simulate a regular workday, all for a small fee. As reported by the South China Morning Post (SCMP), these businesses are popping up in major cities, catering to those struggling to find jobs. Interestingly, many of these companies aren't officially registered, which means they're 'fake' in their own right. Some people simply use these spaces as a place to go every day, while others see them as a safe escape from the mounting pressures of unemployment in an economy that's tough to navigate. Typically, the cost ranges from 30 to 50 yuan (RM17.60 to RM29.40) per day, with discounts for monthly packages. Chen Yingjian, who runs a pretend work company in Hangzhou, offers mock office environments with rules like '9am to 6pm working hours' and 'no smoking'. He even conducts 'pretend interviews'. One story highlighted by SCMP shared the experience of a young woman who spent just one day at a pretend work company. She took a selfie in the office and sent it to her mother, claiming she had 'found a proper job'. In another case, a man named Ryan, who had been working at a pretend work company for six months, shared that he couldn't find a full-time job despite graduating 18 months ago. He spends his days at the 'office', taking 'working photos' and sending them to his parents as proof of employment. He admits that pretending to work gives him a sense of structure and security. While it may seem strange to pay for a job you don't actually do, the setup has its perks. Some companies offer free lunch and coffee. Some people also view it as a chance to connect with others in similar situations. It was reported that China's urban unemployment rate stands at 5.2 per cent in the first half of 2025.
The Star
5 hours ago
- The Star
China stocks rally to decade-high on easing tariff tensions, rotation of funds
A screen shows financial market movements at the new building of the Shanghai Stock Exchange in Shanghai on April 25, 2025. (Photo by Hector RETAMAL / AFP) HONG KONG: China stocks jumped to their highest level since 2015 on Monday, extending a months-long rally fuelled in part by receding trade tensions with the U.S. and lifting market capitalization to an all-time peak. A trade truce between China and the U.S., which was extended by 90 days last week, has helped to underpin sentiment, while brokers also cite a liquidity-driven uptick in stock prices due to a rotation of funds into equities from bonds. The Shanghai Composite Index climbed 1.2% to 3,740.50 by the midday trading break, marking the highest intraday level since August 18, 2015. The CSI 300 Index climbed 1.5%, heading towards the biggest gain in over four months and earlier hit the highest level since October 2024. The Shanghai benchmark has now risen nearly 23% since its early April low, also buoyed by enthusiasm for tech stocks and the global euphoria over advances made in artificial intelligence. The total market capitalization of over 5,400 China-listed companies has risen above 100 trillion yuan for the first time, reflecting both price appreciation and a surge in listings. Winnie Wu, Bank of America's chief China equity analyst, said optimism over geopolitics and Beijing's policy directions helped drive down the equity risk premium and sustain risk-on sentiment despite the still-weak fundamentals. "There are renewed hopes on domestic retail flows," she wrote in a note to clients. Analysts at UBS expect the liquidity-driven bull market rally to continue at least until September, saying: "Most investors see limited downside risk in the stock market for now." Leading the rally on Monday, the rare earth sector surged 5.3% to a fresh high since December 2021. The AI sector jumped 4.8% and the information technology sector rose 2.9%. In Hong Kong, the benchmark Hang Seng Index advanced 0.6% to 25,426.53, the highest since October 2021. The Tech Index rallied 2%, while the EV sector soared 3.2%, with heavyweights BYD, NIO and Xpeng rising 3.2% to 8%. Long-only funds showed renewed interest in Hong Kong and China stocks, while hedge funds also bought Chinese equities on a net basis at the fastest pace in seven weeks, Goldman Sachs said in a note. - Reuters
The Sun
8 hours ago
- The Sun
Asian stocks rise as oil falls before Trump-Zelensky talks
TOKYO: Asian stocks climbed higher on Monday as oil prices declined ahead of crucial talks between former US President Donald Trump, Ukrainian leader Volodymyr Zelensky, and European officials in Washington. Trump's recent meeting with Russian President Vladimir Putin in Alaska ended without progress on a Ukraine ceasefire, leaving markets cautious. Zelensky described a US proposal for Ukrainian security guarantees as 'historic' ahead of his Washington visit alongside European leaders. 'Trump and Putin walked away without a ceasefire, without even the illusion of one,' said SPI Asset Management's Stephen Innes. 'What they did offer was theatre: enough 'progress' for Trump to declare victory and quietly holster his double-barreled threat — tariffs on Beijing for buying Russian barrels and sanctions on Moscow's crude,' Innes added. US stocks had fluctuated on Friday following mixed economic signals, including rising retail sales but weaker industrial output and consumer sentiment. Oil prices extended losses on Monday after recent volatility, with Russia's role as a major crude producer keeping markets on edge. Japan's Nikkei hit a fresh record high, buoyed by stronger-than-expected economic growth figures. Hong Kong, Shanghai, and Sydney markets also advanced, while Taipei retreated slightly. Investors are now focused on potential US interest rate signals from the Federal Reserve's Jackson Hole symposium this week. Tokyo's Nikkei 225 rose 0.7% to 43,678.12, while Hong Kong's Hang Seng edged up 0.1% to 25,293.34. Shanghai's Composite Index gained 0.2% to 3,704.76, and the Dow Jones closed 0.1% higher at 44,946.12. London's FTSE 100 dropped 0.4% to 9,138.90, and Brent crude fell 0.3% to $65.65 per barrel. The dollar strengthened to 147.47 yen, while the euro dipped slightly to $1.1699. – AFP
