Kiwis head for Aussieland
Stats NZ released the latest net migration figures for New Zealand this morning.
In short, migration to New Zealand has plummeted as the economy has shuddered to a near halt.
The unemployment rate in New Zealand hit 5.2 per cent and rising in the June 2025 quarter, and there may be further increases to come before interest rate cuts begin to bite.
In Australia, the government has come under some fire for maintaining high levels of spending.
On the one hand, high spending and immigration may have kept the inflation rate in Australia higher than it might otherwise have been.
On the other hand, Australia's unemployment rate has remained much lower at only 4.2 per cent.
Here's a comparison of the two countries by unemployment rate, showing the marked contrast:
This sort of dynamic tends to result in a net movement of population from New Zealand to Australia to chase more employment opportunities and higher wages.
Justin Fabo of Antipodean Macro produced the below clever dual axis parallel line chart to show the correlation:
At the present time, New Zealand is losing about 0.6 per cent of its population to Australia annually.
In other news, Treasurer Chalmers appears to have walked back his madcap plans to tax unrealised gains for larger superannuation balances.
Australia's latest labour market data will be released on Thursday morning.
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