Australias Economic Downturn Sparks Exodus Reversal for Kiwis

Many Kiwis who moved to Australia for better job opportunities are now questioning whether life across the Tasman is right for them. Some, like Michael Valk, a Kiwi expat who's lived in Brisbane for more than 30 years, feel that they've been going backwards due to rising costs.

Valk has his own little business and used to employ people but can no longer do so because it's just too expensive. He plans to move back to the South Island.

Paul Bloxham at HSBC bank said New Zealand's labour market is looking better than Australia's, with job advertisements rising in New Zealand while trending lower in Australia.

The Reserve Bank of Australia has lifted its official interest rate three times this year to control inflation and unemployment. Unemployment is now at 4.5%, the highest level in the post-Covid era, and wage growth is slowing down to 3.2% compared to 3.4% last year.

Bloxham believes that the tide has turned, and the number of Kiwis moving to Australia may start to slow down. Provisional data from Stats NZ shows a net total of 28,500 people making the move last year, lower than the more than 31,000 the year before.