ASIATODAY.ID, WELLINGTON – The economic crisis in New Zealand is increasingly having an impact on the country’s citizens.
People experiencing a cost of living crisis are leaving the country in large numbers and exodusing to Australia.
The New Zealand government estimates 131,200 people left the country in the 12 months to June 2024, a record high in recent years. The exodus was almost 70% higher than June 2019 before the Covid-19 pandemic.
Wilson Ong (32) who works as a manager in New Zealand’s retail industry saw many of his friends leave the country. He also planned to join them.
“For me, the key factor is the quality of work, in New Zealand job opportunities are limited,” he said as reported by CNBC International, Monday, September 9 2024.
It has become common for young New Zealanders to seek experiences abroad. However, strict restrictions due to Covid-19 have postponed many travel plans.
“We see there is pent-up demand seeking the experience of living abroad,” said ASB Bank New Zealand Chief Economist Nick Tuffley.
However, the turbulent economic recovery due to the pandemic has also triggered the millennial generation and generation Z to leave.
It is known that more than 50% of New Zealand immigrants until June 2024 will be aged between 20 and 39 years. Of this number, ages 25 to 29 constitute the largest group.
“Over the past 1.5 years, New Zealand’s economy has slowed, and work has been very difficult especially for the younger generation,” said New Zealand Economic Research Institute Chief Economist Shamubeel Eaqub.
He predicted economic refugees would not stop leaving New Zealand until the job market improved.
Data shows Australia is the most popular destination for New Zealand immigrants. Not only is the economy of neighboring countries better, the Australian Government also makes it easier for New Zealanders to move with special visas.
From July 2023, New Zealand citizens who have lived in Australia for a minimum of 4 years can apply directly for citizenship.
Meanwhile, the Central Bank of New Zealand cut interest rates by 25 basis points last month. Analysts predict that New Zealand’s economy will remain under pressure until 2025. (ATN)
Follow Us at Google News and WA Channel