The hard-work and entrepreneurship of New Zealanders together with the Government’s clear economic plan and careful financial management has our country in good shape.
Jobs and wages are increasing and unemployment is coming down.
The latest employment data shows our growing economy is getting more New Zealanders into work and the unemployment rate is now the lowest in five and a half years.
Over the past year alone, 72,000 more people were employed and the jobless rate dropped to 5.4 per cent, lower than the 6.2 per cent unemployment rate in Australia.
What’s really pleasing is that in the year to September, unemployment was down across the country.
For example, of the 72,000 more people in employment across New Zealand over the past year, 41,000 of them, over half, are in the South Island. And while the North Island’s unemployment rate is 6.2 per cent, the South Island’s unemployment rate is down 1 per cent to 3.4 per cent.
Unemployment in Auckland is 8.6 per cent, down from 9.6 per cent a year ago.
Across New Zealand, there was strong jobs growth for women. The number of women in full-time employment rose by 12,000 in the three months to September and the number in part-time employment rose by 3000.
There is also good news for pay packets, with wages on average growing faster than the cost of living. Average hourly wages rose 2.3 per cent over the past year, and average weekly wages rose 1.8 per cent while inflation was just 1 per cent and food prices fell 0.1 per cent.
It’s very encouraging to see the increasing confidence of companies around the country as they build their businesses and hire more people.
The Government’s clear economic plan is delivering real benefits to New Zealanders and their families.
New Zealand’s economy is growing by almost 4 per cent – one of the highest growth rates among the world’s developed economies.
Exports are high despite the headwinds of slow economies overseas and a high exchange rate. The cost of living is low, more houses are being built, and more Kiwis are voting with their feet and coming home.
And our better public services are supporting the most vulnerable New Zealanders and every week about 1600 people are coming off welfare to take up paid work.
National is doing its part by building on these gains through its sensible and responsible economic plan.