Weakening economy takes a toll on employment.

Continuing weakness in the domestic economy has seen the predictable labour market response, with fewer vacancies, slower jobs growth and rising unemployment.

New Zealand’s labour market has been relatively resilient in recent times, following a period of severe skills shortages in many sectors. But that is now starting to turn.

There is a weaker business outlook, and it’s anticipated that economic activity will be subdued for most of 2024.

The recent Budget reinforces this outlook – real GDP is forecast to contract 0.2% in the year to June 2024, and the unemployment rate is set to climb to a peak of 5.3% by the end of the year.

This report uncovers what’s happening across New Zealand, looking at how the workforce has been impacted, the challenges employers face in the current landscape and trends in national recruitment activity.

To access the report, simply fill in your details below.

Together, Programmed and PERSOLKELLY are the leading providers of staffing, operations and maintenances services across Australia and New Zealand – and one of the largest workforce solutions providers in the APAC region.

From market-leading staffing programs, to advanced people management, innovation and technology, we support your business to navigate and stay ahead of the rapidly changing world of work. 

Together, our experienced, capable team of problem-solvers will help you achieve more.

Plenty of winners but some losers in ‘back to basics’ Budget.

Key points

• Unemployment to peak at 5.3%

• Economy to contract in 2024 before strengthening in 2025

• Apprentice Boost eligibility narrowed

• Skills programs cut, infrastructure boosted

The first Budget of Finance Minister Nicola Willis has foreshadowed a period of severely constrained economic activity and higher unemployment.

The outlook suggests there will be difficult times ahead for the rest of 2024, before conditions gradually improve over 2025 and beyond.

The focus on achieving Budget savings has seen cuts to skills and training programs that were introduced by the former government.

Funds are going into areas such as transport, infrastructure and tax cuts, where it is intended that spending will boost economic activity.

To access our full budget summary, simply fill in your details below.

Unless stated otherwise, information was sourced from the Budget 2024 documents, ministerial statements, media releases and portfolio papers: budget.govt.nz/

This is general information only and should not be taken as constituting professional advice from Programmed. Programmed is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances. Programmed is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided.

Together, Programmed and PERSOLKELLY are the leading providers of staffing, operations and maintenances services across Australia and New Zealand – and one of the largest workforce solutions providers in the APAC region.

From market-leading staffing programs, to advanced people management, innovation and technology, we support your business to navigate and stay ahead of the rapidly changing world of work. 

Together, our experienced, capable team of problem-solvers will help you achieve more.