New Zealand Economy

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Westpac: Housing market “to skid to a halt” on virus

Westpac New Zealand has released analysis on the economic impacts of the coronavirus, which forecasts that New Zealand’s “currently rampant” housing market will “skid to a halt” over the second quarter. However, it will rebound from 2021 as monetary stimulus bites: The currently rampant housing market is likely to skid to a halt, with price

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Why is New Zealand sick of Jacinda Ardern?

In the lead-up to the September 2017 New Zealand general election, Labour promised to reduce immigration by around a third by cutting the numbers of work and student visas: …in recent years our population has been growing rapidly as record numbers of migrants arrive here. This has happened without the Government planning for the impact immigration is

22

Jacinda Adern exposed

With seven months to go before the national election, New Zealand Prime Minister, Jacinda Adern’s, hold on power is looking increasing insecure after a series of broken election promises: Three years ago, Ardern was elected on a promise to “transform” New Zealand in the most exciting vote the country had seen in decades… Ardern’s Labour

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Why New Zealand should boot Jacinda Ardern

Via Bloomie: New Zealand Prime Minister Jacinda Ardern could be facing a tough battle to win re-election this year, with her opponents holding a small lead seven months out from the vote, a new poll shows. The opposition National Party is steady on 46% support, retaining its position as the country’s most popular political party,

4

New Zealand unemployment falls, wages lift

Statistics New Zealand has released labour market data for the December quarter, which reveals both falling unemployment an rising wage growth. New Zealand unemployment fell to 4.0% from 4.1% (revised) in the September quarter: The labour underutilisation rate also fell to an 11-year low of 10%: The seasonally adjusted underutilisation rate fell to 10.0 percent

12

NZ housing market ended 2019 with a bang

The REINZ has released its house price data for December, which revealed a 0.4% seasonally adjusted increase in values over the month, with values nationally surging by 12.4% year-on-year to a new record high: The breakdown by region is shown below: Outside of Auckland, seasonally adjusted house prices rose by 0.7% in November, with prices

3

Migrant work visas surge under Jacinda Adern

In the lead-up to the September 2017 general election, the New Zealand Labour Party launched a plan to reduce immigration by around a third in a bid to relieve chronic housing and infrastructure pressures (especially around Auckland): …in recent years our population has been growing rapidly as record numbers of migrants arrive here. This has

6

New Zealand humiliates Recessionberg with big infrastructure spend

Via Stuff: The Government will invest an extra $12b in infrastructure over the next four years, including $6.8b on transport. Finance Minister Grant Robertson unveiled the spending at the Half-Yearly Economic and Fiscal Update (HYEFU) on Wednesday afternoon, saying it was the right time to take advantage of low interest rates and “future-proof” New Zealand

14

RBNZ drops $20bn capital requirement on Aussie banks

Bravo RBNZ again: The Reserve Bank of New Zealand today released its final decisions following its comprehensive review of its capital framework for banks, known as the Capital Review. Governor Adrian Orr said the decisions to increase capital requirements are about making the banking system safer for all New Zealanders, and will ensure bank owners have

1

NZ Labour’s immigration lies exposed again

In the lead-up to the September 2017 general election, the New Zealand Labour Party launched a plan to reduce immigration by around a third in a bid to relieve chronic housing and infrastructure pressures (especially around Auckland): …in recent years our population has been growing rapidly as record numbers of migrants arrive here. This has

11

NZ house prices hit record high

The REINZ has released its house price data for October, which revealed a 1.1% increase in values over the month, with values nationally also increasing by 7.6% year-on-year to a new record high: The breakdown by region is shown below: Outside of Auckland, seasonally adjusted house prices rose by 1.3% in October, with prices up

0

NZ unemployment bounces off 11-year low

Statistics New Zealand has released its labour force data for the September quarter, with the unemployment rate rising 0.3% to 4.1% from last quarter’s 11-year low of 3.9%. Below are the key points from the release: Unemployment rate rose to 4.2 percent. Underutilisation rate fell to 10.4 percent. Employment rate was unchanged at 67.5 percent.

17

Ardern’s election promise shattered as NZ immigration booms

In the lead-up to the September 2017 general election, the New Zealand Labour Party launched a plan to reduce immigration by around a third in a bid to relieve chronic housing and infrastructure pressures (especially around Auckland): …in recent years our population has been growing rapidly as record numbers of migrants arrive here. This has

9

Labour’s election promise shattered as NZ immigration climbs

In the lead-up to the September 2017 general election, the New Zealand Labour Party launched a plan to reduce immigration by around a third in a bid to relieve chronic housing and infrastructure pressures (especially around Auckland): …in recent years our population has been growing rapidly as record numbers of migrants arrive here. This has

2

More evidence New Zealand’s ‘skills-based’ visa system is failing

Much like Australia, New Zealand purports to run a ‘skills-based’ visa system that plugs critical skills shortages across the nation. However, new data from Statistics New Zealand actually shows that fewer of those migrating to New Zealand are of working-age. From Interest.co.nz: The Government’s decision to open the door to the parents of migrants to

22

NZ’s housing shortage goes from bad to worse

Results from the New Zealand Census shows that the country’s housing shortage worsened materially in the five years to 2018 as mass immigration-fuelled population growth easily exceeded the number of dwelling additions: The figures show that between the 2013 and 2018 censuses this country’s usually resident population increased by 10.8%, while the total number of

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Temporary visa deluge fuels modern slavery

The OECD’s annual review of migration trends has revealed that Australia and New Zealand have the largest temporary migrant workforces in the world, which is raising competition for lower-income workers and suppressing wages: Australia had almost 750,000 permits for temporary migrants on issue in 2017, second in total number only to the US. As a

2

NZ GDP growth slowest since 2013

Statistics New Zealand has released national accounts figures for the June quarter of 2019, with Gross domestic product (GDP) rising by 0.5% over the quarter. Between the June quarter of 2018 and the latest June quarter GDP rose 2.1%, which was the slowest rate since December 2013. As shown below, services drove the GDP growth,

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Governments open temporary visa floodgates

It never ceases to amaze how our dishonest governments pull the wool over voters’ eyes on immigration. In Australia, we’ve recently witnessed the Morrison Government wax lyrical about reducing immigration to “relieve congestion in the cities”, only to then see the number of temporary visas balloon to unprecedented levels, as illustrated below: Accordingly, net overseas

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Auckland house sales crash to 2010 levels

The REINZ has released its house price data for July, which revealed a 0.6% increase in values over the month, with values nationally also increasing by 5.4% year-on-year: Outside of Auckland, seasonally adjusted house prices rose by 2.2% in July, with prices up 6.5% year-on-year. Whereas Auckland’s seasonally adjusted median house price fell by 1.2%