Dear, oh dear.
Can't beat them at rugby, and now this!
The unemployment rate for men fell to 4.2 per cent, the lowest rate since 2008.
As in Australia, wages growth remains low in New Zealand.
I went to NZ recently and was interested to note the sheer demand for construction workers (I was in Christchurch, which is rebuilding after a series of earthquakes - there has been a high level of construction in both Auckland and Canterbury).
A major reason I think the next move in interest rates could still be down in Australia is the elevated level of construction employment, with more than 1.1 million Aussies employed in the sector.
It is estimated that around three-quarters of those employed in Australian construction are accounted for by residential construction, and that sector is likely to turn down in 2018, possibly sharply.
Meanwhile, NZ is running rings around Australia with an unemployment rate of under 5 per cent.
