Underutilisation climbs to 13.8 percent as 440,000 New Zealanders lack enough work

Stats NZ says the underutilisation rate — people in work but wanting more hours, plus those looking but not counted as unemployed — rose to 13.8 percent in the June 2026 quarter. That is 440,000 people, up 31,000. Unemployment rose just 7,000 to 5.6 percent, meaning the headline rate understates how much spare capacity sits in the labour market.