New Zealand Workers' Pay Has Fallen More Than Almost Anywhere Else

New Zealand's workers have seen their actual pay purchasing power fall more than workers in almost any other developed country over the past five years. When adjusted for inflation, wages are 6.4 percent below where they were in early 2021 — the worst result among 37 developed nations. Economists say other measures show less sharp declines, but this finding will shape how the government thinks about worker pay and living costs.