Welcome to the August/September 2024 Economic Bulletin. In our monthly feature we provide an analysis of the gender pay gap in New Zealand for 2024. The mean gender pay gap was 8.9%, which is down from 9.8% in 2023. This meant that, on average, women will be "working for free" compared to men from 28 November 2024. When compared against just Pākehā men, who on average earn more than other ethnic groups, women will start "working for free" on 8 November.
At the current rate of change, the gender pay gap won't be closed until 2055. This is untenable. Government can help to close this gap faster by supporting the settlement of pay equity claims, instituting pay transparency regulations, and lifting the minimum wage to the living wage, among other things.
In our regular content, we examine the GDP data for the June quarter, which shows a continuation of the severe downturn in GDP per capita. On this measure, the current recession is now deeper than that experienced during the financial crisis of 2008-09. We also provide our regular monthly updates on prices, migration, trade, and consumer and business confidence.
For detailed breakdowns of the latest employment, wages, social welfare, consumer inflation, and household living costs data, please see the July Bulletin. The audited financial statements of the government will be covered in the next Bulletin.
