With employment opportunity a major driver of migration flows, ANZ’s job advertisement data for NZ hasn’t had a single monthly fall in 2016.
"If you’re waiting for net migration in New Zealand to fall sharply you may be waiting a while."
Sharon Zollner, Associate Director & Senior Economist, ANZ NZ
This underlines the idea that even if methodological changes mean official employment growth data is overcooked, the labour market is very tight.
On the other hand Australia’s latest labour market data missed expectations. Australia’s unemployment rate is 5.6 per cent versus NZ’s 4.9 per cent, despite a 10-year low in the Australian labour force participation rate.