Employer Bulletin | 18 September
The Pre-election Economic and Fiscal Update reveals positive signs for New Zealand's economy, avoiding a recession despite global challenges and the recent North Island weather events. Finance Minister Grant Robertson highlighted an expected 2.6% average annual growth between 2023 and 2027, 105,000 new jobs, and wage growth surpassing inflation. The economy has grown by 2.9% since last year and nearly 7% since the pandemic's start in 2020. Employment increased by 113,000 in the past year, exceeding earlier forecasts. Despite ongoing global economic shocks, New Zealand anticipates unemployment below the long-term average, peaking at 5.4% and later dropping to 4.6%, with wages outpacing inflation, benefiting households.