Paul Spoonley

New Zealand’s Housing Bet Is Driving Workers to Australia

New Zealand is losing established workers to Australia as recession, rising unemployment and higher Australian wages make staying less attractive. Bloomberg’s mini-documentary links that pressure in part to a housing downturn in an economy where, Bernard Hickey says, households have tied much of their savings to property rather than business investment. As workers leave, the country is also seeking wealthy foreign investors through a visa program that offers a route to permanent residence.