Unemployment hits 5.6 percent, highest in nearly 11 years

Stats NZ reported unemployment at 5.6 percent in the June 2026 quarter, up from 5.4 percent — the highest in nearly 11 years. Some 171,000 people were unemployed, 13,000 more than a year earlier. The figure exceeded the Reserve Bank's May forecasts. Markets expect the Bank to raise the official cash rate to 2.75 percent in September.