November 22nd, 2024
New Zealanders are experiencing record employment rates and increasing wages, with the government's economic plan generating additional jobs and higher earnings to help alleviate cost of living pressures.
Finance Minister Grant Robertson said that the economy created 22,000 jobs during the first quarter of the year, with average hourly wages rising 7.6% to $38.93, surpassing inflation at 6.7%. Unemployment remains steady at 3.4% in the March quarter, according to Stats NZ.
"We've created 281,000 jobs since 2017, the unemployment rate is near record lows and wages are growing. This is the best response to New Zealanders dealing with cost of living pressures," Robertson said.
The government's focus is on reducing costs for New Zealand citizens while strengthening the economy by investing in skills, infrastructure, and innovation.
Social Development and Employment Minister Carmel Sepuloni added that the decrease in the NEET rate from 11.1% to 10.3% indicates the success of programmes like Apprenticeship Boost, Mana in Mahi, and He Poutama Rangatahi in preparing young people for the workforce. Although Maori unemployment has increased, it reflects a significant number of Maori entering the labour force, with 14,700 more Maori finding jobs.