New Zealand Employment Confidence Sinks 12.5 Points to Record-Low 83.1 as Fuel Shock Hits
Updated
Updated · Mortgage Professional · Jun 23
New Zealand Employment Confidence Sinks 12.5 Points to Record-Low 83.1 as Fuel Shock Hits
3 articles · Updated · Mortgage Professional · Jun 23
Summary
New Zealand’s Employment Confidence Index fell 12.5 points to 83.1 in the June quarter, its lowest reading since the survey began in 2004.
Iran conflict-driven fuel price spikes pushed job and income fears sharply higher, though the early-June survey timing means it likely captured peak anxiety before a US-Iran peace deal and later fuel-price declines.
A net 60% of respondents said jobs are hard to find, while expected job opportunities a year ahead fell to net negative 30%—near Global Financial Crisis lows.
Expected earnings growth dropped to a net 12%, the weakest on record, and only a net 3% reported higher earnings over the past year, down from 14% in March.
Westpac still sees a weakening backdrop, forecasting 1.4% economic growth in 2026 and unemployment peaking at 5.6% by year-end, with consumer confidence also at a three-year low.