01 October 2007
New Zealand skills shortage sparks record pay increases
Record pay increases for private sector workers in New Zealand are directly caused by the country's strong economy and widespread skills shortage, reports Bloomberg. A 3.2 per cent wage hike in the second quarter of 2007 is encouraging news for people interested in New Zealand immigration.
The country's economic growth rate expanded more than expected and the numbers of jobless workers fell to a record 3.6 per cent in the second quarter. More than twice the numbers of staff were employed than had been forecast.
The governor of the central bank is predicting accelerating economic expansion in the year ahead.
The farmers are doing well out of the economic and labour situation, with Fonterra Cooperative Group raising milk payments to 10,900 farmers by 43 per cent because of record prices. This announcement by the world's biggest dairy exporter will add NZ$2.6 billion (£9.6 million) to farmers' revenue this year.
New Zealand needs skilled workers: anyone interested in New Zealand immigration should complete the New Zealand Visa Bureau's online New Zealand visa assessment to see if they qualify for a New Zealand visa.