Taking McCarthy at his word
NAB Morning Call
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The Importance of Immigrants in the Workforce
New Zealand's participation rate was incredibly high even pre-pandemic, and it has managed to jump back to even higher levels post. A lot of New Zealand's migration has swung around to being a decent inbound migration over there. That's definitely helping boost the part rate over there, too. It would seem to be just mostly a case that the remaining level supplies are being absorbed so far.
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