Heather du Plessis-Allan Drive •

Sir John Key: Unemployment figures are 'not accurate'

Heather du Plessis-Allan Drive

Former Prime Minister Sir John Key's calling for New Zealand's border restrictions to be loosened. 
The ANZ chairman is warning a financial crisis is coming, and the economic fallout from Covid-19 will last years.
Sir John told Heather du Plessis-Allan to lessen the blow, we should start letting more than just returnees into the country.
"That includes letting foreign students in and letting a whole bunch of other people who want to come to New Zealand that companies would happily pay for to have them over here that would create jobs." 
And he says that companies are willing to pay if the Government let people in. 
"There's tons of companies, I happen to represent one, where you've got employees we want to bring in from overseas, we'll happily to pay quarantine, happily make sure that's done to exactly the same standard if not higher than the New Zealanders who are returning." 
On the unemployment figures announced today, the former Prime Minister agrees with economists that the numbers don't quite add up. 
Stats NZ figures show unemployment levels are four per cent for the June quarter.
However, Sir John says the figures are "not accurate" as the data tends to lag, and he expects that the real figures will be in the low 6s.
He notes that many companies are laying off large numbers of staff, including Air New Zealand. 
"If unemployment was technically falling, then by definition, someone else must be hiring thousands and thousands of people, and that isn't happening." 
Sir John says that the falling figures reiterate why more foreign investment should be allowed. He suggests the foreign buyer ban should be reversed, and people living overseas should be able to build here and create more jobs. 
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