Auckland, New Zealand - August 22, 2024

The economic downturn in New Zealand has triggered a mass exodus to countries such as neighboring Australia where job prospects and salaries are greater, as the country struggles with sluggish economic growth.

Over the past year, the number of people leaving New Zealand has soared by 33 percent year over year to reach a record high, as they try to escape the high cost of living and rising unemployment.

According to data released by Stats NZ in late March, New Zealand's economy slid into a technical recession after its GDP dropped for two consecutive quarters last year.
"So, it could be to do with the cost of living, job opportunities, job satisfaction and all sorts of things," said Michael Yoon, immigration lawyer at MY Law in New Zealand.

The signs of a stagnant economy are obvious from the closed retail stores to the mass layoff of public servants by a new government that has pledged to rebuild the economy. The leaving New Zealanders are lured to countries such as Australia through aggressive recruiting drives and a much bigger labor market.

Data on this year's economic growth is set to be published on September 19, said Stats NZ. Economic research institutes warned that the country's sluggish economic growth could last well into early 2025.

The loss of a massive amount of young people between the ages of 25 and 40 can have a profound impact on the future fabric of New Zealand society, said Yoon, as he pointed out that the labor shortage is set to be fulfilled by an influx of migrant workers.

New Zealand's net migration gain is well below last year's peak of almost 3,000 per week, but hundreds of thousands of migrants from India, the Philippines and China still see the country as a desirable place to live in.

Shotlist:
Auckland, New Zealand - Aug 22, 2024:
1. Various of closed stores, pedestrians;
2. SOUNDBITE (English) Michael Yoon, immigration lawyer, MY Law:
"So, it could be to do with the cost of living, job opportunities, job satisfaction and all sorts of things.";
3. Various of plane taking off, tourists at airport;
4. SOUNDBITE (English) Paul Spoonley, distinguished professor, Massey University:
"Australia is a much bigger labor market. New South Wales or Sydney is bigger than the whole of the New Zealand labor market. So, you get job opportunities and pay which you simply can't get in New Zealand.";
5. Various of tourists, sign of international departures;
6. SOUNDBITE (English) Michael Yoon, immigration lawyer, MY Law:
"If we keep losing them, then our reliance over time on migrant workers to fill those gaps is going to get bigger.";
7. Various of international tourists;
8. SOUNDBITE (English) Michael Yoon, immigration lawyer, MY Law (ending with shot 9):
"People from those countries might find New Zealand a very attractive destination. It's the quality of living. It's a peaceful environment. Also education, job prospects.";
9. Tourists going through international arrival gate;
10. Sign of international departures;
11. Tourists going through international departures gate;
12. Various of flight schedule board.

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