Staring at a third recession in just two years, Kiwis are moving across the ditch to Australia in substantial numbers, seeking a sunnier economic climate.
Australia and New Zealand are neighbours, friends and sporting competitors. But they've had vastly different fortunes in the past few years.
By telling people the future was extremely difficult, the Reserve Bank of New Zealand may have confirmed it would happen.Liam Hooper is two months into life in Melbourne, couch-surfing with friends in the weeks before he moves into a flat. "There are just as many jobs in just the inner suburbs of Melbourne for my roles — like industrial product design or digital product design — as there are for all of New Zealand," he says.
And unemployment fell as the demand roared after the lockdowns and international travel restrictions of the COVID-19 pandemic.New Zealand: 3.2 per cent . The lowest rate in almost 40 yearsNew Australian job figures out today will tell us more about the heat in the economy and if our central bank is any closer to cutting its cash target rate, which helps to determine the cost of home loan repayments.
"Generally, the transition from a high-inflation environment is usually quite painful. And that is what we've been seeing," Ms Leung says.60 per cent of home loansThis has been seen by many as a weakness because our immense housing debt restricts the Reserve Bank from putting rates higher when it sees a need.
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