New Zealand wage growth falls behind inflation, Stats NZ data shows
New official data from Stats NZ shows most New Zealanders are not receiving pay rises large enough to keep pace with inflation. The figures add to signs of financial strain on households already facing high living costs and a weakening labour market.
New figures from Stats NZ show that most New Zealand workers are not seeing pay increases that keep up with inflation, meaning real incomes are effectively shrinking for a large share of the workforce. The data compares recent wage growth against the country's official inflation rate.
The findings add to a run of difficult economic indicators for New Zealand households, which are already contending with rising mortgage rates from major banks and unemployment that has climbed toward an 11-year high. Workers in lower-paid and casual roles appear to be most exposed to the gap between wages and prices.
Economists say the figures increase pressure on policymakers and employers to address stagnant pay, particularly as living costs remain elevated. The data is likely to feature in upcoming wage negotiations and could influence the Reserve Bank's assessment of domestic demand in its next policy review.
Read next
ASB joins ANZ and BNZ in raising New Zealand mortgage rates
New Zealand lender ASB is raising its six-month home loan rate to 4.79% and its one-year rate to 4.99%. The move follows similar increases from ANZ and BNZ, adding to borrowing costs for homeowners across the country.
Milei sends bill to overhaul Argentina's central bank charter
Fed Governor Cook says she's ready to act on rate hike
Japan Cabinet Approves Plan to Cut Consumption Tax on Food to 1%
