New Zealand's economic missteps hasten exodus to sunnier shores

Mr Corey Ngaru and his partner Elian Lellimo left recession-hit New Zealand for the sunshine of Australia's Gold Coast just a week ago, bidding a teary farewell to family and friends as they seek better job opportunities and pay elsewhere.

- 

WELLINGTON - Mr Corey Ngaru and his partner Elian Lellimo left recession-hit New Zealand for the sunshine of Australia's Gold Coast just a week ago, bidding a teary farewell to family and friends as they seek better job opportunities and pay elsewhere.

"There's a bunch more options, more opportunities," said Mr Ngaru, who estimates he will be able to earn three times more working as a builder on the Gold Coast as he would in New Zealand.

Mr Ngaru and Mr Lellimo, who is originally from Argentina, follow 128,700 people who permanently left the Pacific nation of 5.3 million in 2024, provisionally the largest exodus on record.

The rush to leave comes amid the worst economic downturn since 1991 outside of the Covid-19 pandemic, which analysts blame on low productivity and various policy missteps in part caused by unreliable data.

Unemployment is at a more than four-year high while the number in work saw the largest annual decline since 2009. Companies are going bust at the fastest pace in over a decade.

New Zealand's economy was the worst-performing in the developed world in 2024, according to HSBC.

Across the Tasman Sea, Australia's economy has fared much better by comparison, with unemployment near record lows, making it once again a hot choice for Kiwi job seekers.

Since 1973, Australians and New Zealanders have been able to live and work in either country without restriction.

While the number of migrants has ebbed and flowed over the years, the greater job prospects in Australia — particularly in mining and construction — mean the net traffic is mostly westbound.