A record number of people have left New Zealand in the past year, with 127,800 individuals departing from the Pacific nation between December 2023 and November 2024. The exodus is largely attributed to economic weakness in New Zealand, with many seeking better job opportunities in countries like Australia.
The number of people leaving New Zealand has reached a record high in the 12 months to November 2024, according to data released by Statistics New Zealand. A total of 127,800 people departed from the Pacific nation during this period, representing a 28% increase compared to the previous 12-month period.
Economic Weakness and Work Opportunities
The exodus of people from New Zealand is largely attributed to economic weakness in the country. The central bank’s decision to increase the official cash rate has led to historically high inflation, making it challenging for businesses to operate. Additionally, many individuals come to New Zealand seeking work opportunities, but when these become scarce, they leave.
Michael Gordon, a senior economist at Westpac, noted that Australia’s economy is still performing relatively well compared to New Zealand’s. As a result, people are opting to move to Australia in search of better job prospects. “It’s about work opportunities, especially here versus Australia,” Gordon said. “There are more opportunities over there now, so we’re seeing quite high outflows of Kiwis.”
Net Migration Remains a Key Factor
While the number of people leaving New Zealand is at an all-time high, it’s essential to consider that net migration – the difference between those moving in and out of the country – remains relatively stable. In the 12 months to November 2024, net migration stood at 30,600. This figure peaked at 135,700 in the 12 months ended October 2023 but has since returned to historic averages.
Gordon emphasized that over the long term, net migration will continue to support New Zealand’s economy. “For a big chunk of the world, New Zealand is an attractive place to live,” he said. “However, for us (New Zealanders), there are also places that look more attractive, like Australia or going to the U.S. or the UK.
