Expats ready to call NZ home even as costs rise, Mercer says 15 Jun 2012
- MARKET CLOSE: NZ shares rise, led by A2 after $40M placement Business
- NZ dollar heads for 3.7% weekly gain; Fed timing pushed out Business
- Further land sale restrictions possible under TPP Business
- NZ govt to look at monopoly power rules next month Business
- Former SPGI director Turnock pleads guilty on FMA charges Business
- NZ spending on debit, credit cards increases in September Business
- Opponent lays out alternative for Silver Fern Farms sale Business
- AFT Pharmaceuticals confirms dual-listing plans Business
- A2 Milk raises $40 mln at 5.5% discount in placement Business
- NZ dollar gains as dovish Fed lifts commodity, asset prices Business
Expats ready to call NZ home even as living costs surge, Mercer says
By Hannah Lynch
June 15 (BusinessDesk) - Expatriates still think New Zealand is an attractive place to call home, even as the cost of living in Auckland and Wellington surges to record highs.
Auckland increased 62 places to 56 out of 214 countries, in Mercer's worldwide cost of living survey, while Wellington jumped to 74th place from 136th. The survey helps multinational companies and governments determine compensation allowances for their expatriate employees. It measures over 200 items such as transport, food, household goods and entertainment.
"In relation to other countries New Zealand is still pretty competitive - there are other cities that are far more expensive," Sarah Barnaby, senior associate at Mercer's information product solutions business, told BusinessDesk. "If we think about large multi-nations I don't think New Zealand would be the first choice - since our proximity means we will never be the closes but we are still an attractive option."
The increased cost of rental accommodation coupled with the high kiwi dollar helped attribute to the rise. Rent prices across New Zealand increased by 2.3 percent in the March quarter, compared with the same period a year earlier, according to Statistics New Zealand data. The New Zealand dollar has gained 0.6 percent against the greenback so far this year.
Government data out this week showed that food prices rose by 0.3 percent in May. That's the second monthly increase this year. Produce reported the biggest increase, up 3.2 percent, while the price of non-alcoholic beverages rose 2.2 percent and restaurant meals and ready-to-eat food advanced 0.7 percent.
"Yet for expats, New Zealand still continues to offer improved lifestyle and career opportunities despite the rise in costs," Barnaby said.
Multinationals are able to take advantage of local and regional business opportunities in New Zealand. The country also acts as great base to Asia and is away from Europe's current economic uncertainty, Barnaby said.
Globally, Tokyo was the most expensive city, followed by Luanda and Osaka.
Across the Tasman, Sydney jumped three places to 11th most expensive, followed by Melbourne up six places to 15 and Perth climbing 11 places to 19th.
In the North Hemisphere, London dropped back seven places to 25th, while New York was the most expensive US city, coming in at number 33.
At the other end of the scale, Karachi in Pakistan was the cheapest city, followed by Islamabad, also in Pakistan on 213.
6 Oct 2015 News
New Zealand Government Hon Steven Joyce Minister for Economic Development Hon Nathan Guy Minister for Primary Industries more
6 Oct 2015 Business News
Business lobbies, wine growers, meat sector welcome TPP Oct. 6 (BusinessDesk) - Business lobbies, wine growers and the country's... more
6 Oct 2015 Business News
NZ business confidence drops to four-year low as economic outlook worries firms Oct. 6 (BusinessDesk) - New Zealand business ... more
28 Sep 2015 Lifestyle
New Zealand Automobile Association Media Release: 28 September 2015 Popularity of new guide fuelled by pedal power New Zealanders... more
6 Oct 2015 Property
Auckland house prices rise to record in September as regulations loom, Barfoot says Oct. 6 (BusinessDesk) - Auckland house prices ... more
28 Sep 2015 Property
Chinese property investors are rapidly disappearing from the auction room, says the boss of Auckland's biggest real estate... more
21 Sep 2015 Migration
NZ's annual net migration reaches record 60,300 in August on Indian, Chinese students By Jonathan Underhill Sept. 21... more
28 Sep 2015 Travel & Tourism
An increase in overseas visitors seeking a winter break resulted in an additional 10,000 holiday arrivals to New Zealand in August, as... more
8 Sep 2015 Travel & Tourism
Article - BusinessDesk Smartpay forecasts second year of earnings decline By Tina Morrison Sept. 8 (BusinessDesk) - Smartpay... more
6 Oct 2015 Rugby
RWC 2015 Set to Welcome European Qualifiers Georgia and Romania can confirm their attendance this weekend Final placings likely to go... more
6 Oct 2015 Opinion
Gordon Campbell on the TPP deal reached in Atlanta If the TPP was the Rugby World Cup, the New Zealand team probably wouldn’t ... more
5 Oct 2015 Opinion
Column - Gordon Campbell Gordon Campbell on the TPP countdown, and Mary Margaret O’Hara While Australia and the US have... more
6 Oct 2015 Appointments
Article - BusinessDesk Sanford appoints Rob McLeod to board, seeks tie-up with Maori fisheries By Paul McBeth Oct. 6 ... more
23 Sep 2015 Appointments
Fonterra director Ian Farrelly replaces Ralph Norris on shareholders' fund board Sept. 23 (BusinessDesk) - Fonterra Cooperative... more
2 Oct 2015 Recruitment
'Close to zero' chance of another bum hire, says FMA's Everett Oct. 2 (BusinessDesk) - Financial Markets Authority chief... more