Westpac New Zealand Economics
June 23, 2026
Westpac McDermott Miller Employment Confidence
Quarterly UpdateMacro Economic IndicatorsOther
New Zealand employment confidence dropped to a record low of 83.1 in the June 2026 quarter, reflecting broad-based pessimism about job security, earnings, and opportunities following the Iran conflict.
Key Takeaways
- 1.The Employment Confidence Index fell to a record low of 83.1 in Q2 2026 due to the impact of the Iran conflict on the labour market.
- 2.Labour market outlook shows renewed softness, with expectations for unemployment to reach a cyclical peak of 5.6% by the end of 2026.
Table of Contents
- Summary
- Employment Confidence Indices
- Job opportunities
- Earnings growth
- Job security
- Regional confidence
- Technical details
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Authors
Michael Gordon
Themes
Labor market coolingGeopolitical impact of Iran conflictCost of living and real wage pressure
Regions
Asia PacificMiddle EastNew ZealandIranUnited States