‘Economic refugees' flee from New Zealand as cost-of-living crisis deepens

Amid high prices, steep interest rates, and unemployment worries, the New Zealand government estimates that a record 131,200 of its citizens have moved overseas in the past 12 months through June. A lack of quality jobs for New Zealand’s younger generations is accelerating the exodus, with the trend unlikely to stop anytime soon. New Zealand’s frail economy has pushed many of its citizens to leave the country. The government recently estimated that 131,200 people fled the country in the past year, a record high. Among those, about 80,200 were citizens, nearly 70% higher compared to the year ended June 2019. The cost of living crisis, persistently high inflation, and housing affordability contribute to the dissatisfaction amongst millennial and Gen Z kiwis. The lack of opportunity to raise wages relative to the cost of living worsens economic conditions. Australia is the most frequent destination for New Zealand’s emigrants due to its better economy and favorable visa policies. New Zealand’s economic conditions are unlikely to improve in the short term despite efforts to address the situation.