Wages and labour costs · New Zealand
New Zealand Labour Costs Index QoQ
The New Zealand Labour Costs Index QoQ measures how fast pay, or the total cost of employing people, is rising in New Zealand.
- Importance
- Medium
- Publié
- Quarterly
- Devise
- NZD · New Zealand dollar
- Banque centrale
- The Reserve Bank of New Zealand
Derniers chiffres
La dernière publication, pour Q3, est parue le 2026-11-03 et s’est établie à 0.4%. C’est en dessous du consensus de 0.5%. C’est moins que 0.7% la fois précédente.
A lower figure than expected gives the Reserve Bank of New Zealand room to cut or hold rates lower: the New Zealand dollar tends to soften and bond yields to fall.
Sur les 8 dernières publications, la valeur est allée de 0.4% à 0.7%, avec une moyenne de 0.5%.
| Publié | Pour | Réel | Consensus | Précédent |
|---|---|---|---|---|
| 3 Nov 2026 | Q3 | 0.4% | 0.5% | 0.7% |
| 4 Aug 2026 | Q2 | 0.7% | 0.6% | 0.5% |
| 5 May 2026 | Q1 | 0.5% | 0.4% | 0.4% |
| 3 Feb 2026 | Q4 | 0.4% | 0.5% | 0.5% |
| 4 Nov 2025 | Q3 | 0.5% | 0.4% | 0.6% |
| 5 Aug 2025 | Q2 | 0.6% | 0.6% | 0.4% |
| 6 May 2025 | Q1 | 0.4% | 0.5% | 0.6% |
| 4 Feb 2025 | Q4 | 0.6% | 0.6% | 0.6% |
Pourquoi c’est important
Wages are the largest cost for service businesses, so wage growth well above productivity growth turns into lasting inflation. Central banks watch it to judge whether inflation will return to target; strong wage growth tends to keep the Reserve Bank of New Zealand hawkish.
Mode de calcul
Pay data come from employer surveys, tax records or collective agreements; the release usually shows the change from a year earlier. Labour cost indexes include employers' social contributions and benefits.
Wage growth (yoy) = average pay ÷ average pay a year ago − 1
Real wage growth ≈ wage growth − inflationCe que signifient les variations
- Wage growth of about 3–3.5% is roughly consistent with 2% inflation when productivity grows about 1%.
- Compositional effects (low-paid workers losing jobs) can lift the average misleadingly.
Supérieur aux attentes : A higher figure than expected makes the Reserve Bank of New Zealand more likely to keep rates high or raise them: it tends to support the New Zealand dollar and push bond yields up, and is often a weight on stocks.
Inférieur aux attentes : A lower figure than expected gives the Reserve Bank of New Zealand room to cut or hold rates lower: the New Zealand dollar tends to soften and bond yields to fall.
Un bref historique
The link between wages and inflation was described by A. W. Phillips in 1958 (the Phillips curve); it has weakened and strengthened over the decades but remains central to central-bank thinking.
New Zealand was the first country to adopt formal inflation targeting, in 1990.
Questions
What is the New Zealand Labour Costs Index QoQ?
The New Zealand Labour Costs Index QoQ measures how fast pay, or the total cost of employing people, is rising in New Zealand.
What was the latest New Zealand Labour Costs Index QoQ?
0.4% for Q3, published on 3 November 2026 (consensus 0.5%, previous 0.7%).
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