Search

New Zealand's immigration numbers have exceeded forecasts, with the government's own advisers reporting a surge in arrivals. The Treasury Department's data shows that annual net immigration is projected to be 117,700 in 2023, more than double the forecast in May's budget. This influx of foreign workers has helped alleviate labor shortages and slow wage inflation, but it also poses a risk to inflation and may require the central bank to maintain a more restrictive monetary policy. The return to normal immigration levels is now expected in 2026 instead of 2025. [Extracted from the article]

Ordinary time wages for non-government workers rose at a record annual pace of 4.3% in the fourth quarter, and the RBNZ in February projected an acceleration to above 5% by late 2023. (Bloomberg) -- New Zealand's pool of labor is expanding at the fastest pace in more than two years as the nation's re-opened border allows in more foreign workers. [Extracted from the article]

(Bloomberg) -- New Zealand needs more workers and higher productivity to deliver the major infrastructure projects that are planned, according to the Infrastructure Commission. New Zealand has a pipeline of infrastructure projects worth nearly NZ$80 billion ($49 billion) but the challenge is to find workers and leaders to successfully deliver them. [Extracted from the article]

(Bloomberg) -- New Zealand businesses are less pessimistic about the outlook for the economy but remain downbeat about their own trading prospects, according to a third-quarter survey by the New Zealand Institute of Economic Research. "The results suggest a period of weaker growth but with a lower risk of the New Zealand economy slipping into recession.". [Extracted from the article]

(Bloomberg) -- New Zealand's unemployment rate fell to a record low in the fourth quarter amid a labor shortage, adding to signs the economy is overheating. The Reserve Bank began raising its official cash rate in the fourth quarter and economists are forecasting the benchmark may need to be aggressively increased to take stimulus out of the economy. [Extracted from the article]

The article focuses on the training courses delivered by Greg Lumsden of ATD Services which provide hands-on experience to jobseekers in the civil construction industry in New Zealand. The training program was developed by the Work and Income in response to a shortage of skilled labour after work began for the MacKays to Peka Peka (M2PP) project in late 2013.

The article discusses 2017 Hays Global Skills Index report titled "Regional dynamics of the global labour market: skills in demand and tomorrow's workforce" published by Hays in collaboration with Oxford Economics on dynamics of local labour market. Topics include skill shortage faced by employers in high-skill industries in New Zealand; increased demand for highly-skilled professionals; wage pressure in New Zealand high-skill industries; and views of Jason Walker, of Hays, on the issue.

Recruitment firm says IT sector hiring remains steady for the rest of the year, while Auckland and Wellington continue to experience shortages in niche areas. [ABSTRACT FROM AUTHOR]