Govt helping Kiwis with cost of living as wages rise

The Government is helping more Kiwis get into their first homes while building consents are at their highest level since the 1970s.

New Zealanders are increasingly better off under this Government as wages rise and families have more disposable income, Finance Minister Grant Robertson says.

Stats NZ reported today that average household disposable incomes after housing costs rose 4.9% in 2019. This was the highest rise in four years and came as Stats NZ said average housing costs were unchanged over the year, while wages rose.

“This Government is helping Kiwis with the cost of living through a strong economy that is seeing wages rise and more New Zealanders in work,” Grant Robertson said.

“Our record of 4% unemployment, decade-high wage increases and steady economic growth in the face of global headwinds means Kiwis are better off under our economic plan.”

Today’s data showed New Zealanders with mortgages are particularly better off. The Government is helping more Kiwis get into their first homes while building consents are at their highest level since the 1970s.

Today’s data also showed:

46,000 people were lifted out of poverty in 2019 based on moving above the measure of 50% of disposable income after housing costs.

The median household disposable income after housing costs has risen 10% over the past two years.

In 2017, this measure had fallen by 1.8%.“This is further evidence that the economy is in good shape. We’re in a good position to manage the economic impact of the coronavirus, due to our strong management of the Government books and the solid underlying economy,” Grant Robertson said.

(With Inputs from New Zealand Government Press Release)