New statistics show unemployment at 4.8 percent, the highest rate since late 2020.
New Zealand's labour market has reached a concerning milestone with an unemployment rate of 4.8 percent, the highest level since late 2020. The latest labour market report from Statistics New Zealand reveals this worrying trend.
According to Ricardo Menéndez-March, Green Party Spokesperson for Social Development and Employment, this surge in unemployment is largely due to the coalition government's economic policies prioritizing tax cuts and slashing public investment over supporting communities and creating jobs. Menéndez-March argues that the current approach "punches down" on vulnerable populations, leaving many families struggling with poverty.
The Green Party has proposed an alternative solution: introducing a Guaranteed Minimum Income (GMI) to lift all New Zealand families out of poverty. The GMI would provide every household with a minimum weekly income after tax, adjusted for inflation. According to Menéndez-March, this policy aims to create a more supportive welfare system and stimulate public investment in essential services.
The latest labour market report is available on Statistics NZ's website, alongside the Reserve Bank's Financial Stability report and the Green Party's Income Guarantee 2023 election policy.