The economy of New Zealand is a highly developed free-market economy. It is the 51st-largest national economy in the world when measured by nominal gross domestic product (GDP) and the 63rd-largest in the world when measured by purchasing power parity (PPP).
Australians are a third richer than New Zealanders. Per capita GDP (adjusted for purchasing power parity) is NZ$48,000 in Australia compared to just NZ$36,400 in New Zealand.
Trade. Agricultural products—principally meat, dairy products, and fruits and vegetables—are New Zealand's major exports; crude oil and wood and paper products are also significant. The major imports are crude and refined oil, machinery, and vehicles.
About 2.1 million New Zealanders – out of a total population of just over 5 million – are in the top 10% of global wealth holders.
The foundation of New Zealand's economy is the export of agricultural commodities such as dairy products, meat, forest products, fruit and vegetables, and wine. Dairy is the lead export commodity – in 2021 New Zealand dairy exports totaled approximately US$12 billion.
New Zealand's comparative weaknesses include our persistently poor productivity performance, and some environmental and distributional outcomes. The persistence in many strengths and weaknesses highlights the role of path dependence in New Zealand's economic development.
The cost of living in New Zealand, for one person in a major city, is between NZ$3,000-NZ$4,000 per month. A family of four can expect to need NZ$5,000-NZ$6,000 per month to live on.
You're rich! Australia is now home to 2.2 million millionaires, according to a new study. Half of all Australians in 2021 had more than $400,000 in wealth. It means we have the highest median wealth of all the countries studied.
The cost of living is high.
Partly due to its isolation from the rest of the world, the cost of living in New Zealand is quite high compared to other popular destinations around the world. Many goods are imported from overseas, including food, electronics, and even clothing, meaning you will find much higher prices.
Examples of first world countries include the United States, Canada, Australia, New Zealand, and Japan. Several Western European nations qualify as well, especially Great Britain, France, Germany, Switzerland, and the Scandinavian countries. The ways that first world countries are defined can vary.
Living in New Zealand is a novel experience for Expats hailing from fast-paced environments. The kiwi way of life is laidback, relaxed, and full of excellent work-life balance. While New Zealand may not be the cheapest country for Expats, it offers unparalleled facilities and a comfortable, multicultural environment.
When comparing the cost of living in New Zealand vs Australia, New Zealand is the more affordable country to live in. On average, consumer prices in New Zealand are 3.96% lower than in Australia. Rent and groceries cost 17.70% and 5.92% less. Eating out at a restaurant will also cost less in New Zealand.
Living In New Zealand
Life in New Zealand tends to move at a more relaxed pace. In 2019, New Zealand was ranked as the second safest country in the world. New Zealand has a lower crime rate than Australia. Plus, you won't have to worry about any snakes!
Australia has a better quality of life
New Zealand was also ranked as the least corrupt country in the world for the third time. Many kiwis also report feeling New Zealand's indigenous culture is better integrated and celebrated than in Australia.
Australia's average wealth is just 1.8 times our median wealth; by contrast the UK's is 2.2 times greater, while the US is second worst out of the top 50, at 6.7 times.
reports India's total wealth is more than Australia, France, Canada and Italy while the US and China top the list of the wealthiest countries in the world, according to a report by New World Wealth.
The Australian economy has been blessed with huge deposits of natural resources, made even better by recent price increases in many commodities. Australia is the world's largest producer of iron ore, bauxite, and opal. It is the second largest producer of gold, manganese, and lead.
The minimum wage is going up from $20.00 to $21.20 an hour on 1 April 2022. Here's what you need to do. What: The new minimum wage rates, before tax, are: Adult – $21.20 an hour (up from $20.00)
The drivability of cities relies on the cost of cars (New Zealand is cheaper than Australia for second-hand vehicles but more expensive for new cars); the cost of running a car (roughly averages out at around $4500 a year in either country) and overcrowding (Australian cities are much busier than Kiwi ones, but their ...
Around 85% of New Zealand's healthcare is government funded. New Zealand citizens receive free or subsidized healthcare.
Bounce Back. Covid-19 swept the entire country for the first time at the start of 2022, triggering a contraction in the first quarter, but the economy bounced back strongly after that. Annual inflation accelerated to 7.3% in the second quarter and eased less than expected to 7.2% in the third.
Newton's investigation reveals that in total 56 percent of New Zealand is privately owned land. Within that 3.3 percent is in foreign hands and 6.7 percent is Maori-owned. At least 28 percent of the entire country is in public ownership, compared with say the UK where only eight percent is public land.
A small island nation home to around 4.5 million people located in the Pacific Ocean, New Zealand is famous for its national rugby team, its indigenous Maori culture and its picturesque landscape. If you're an international student considering studying abroad, New Zealand may be a long way from home.