The two major earthquakes will cost 8 per cent of the country’s gross domestic product, according to Prime Minister John Key – making the damage bill more substantial than Japan’s 1995 Kobe earthquake, or around Louisianna and New Orleans, in 2005, in the United States.
There is no immigration restriction on how many New Zealanders can move to Australia. Based on potential salary, only, the move looks attractive, with the NZ weekly median income $405, compared to the Australian: at $873.
According to the Weekend AFR, many New Zealanders are considering a short or medium term stint working in Australia, to be in a cashed up position to return to New Zealand.
Last week, the NZ government said 5000 houses in a “red zone” in Christchurch’s east, would be repurchased at fair value net of insurance payments. However average house prices in major Australian capital cities are substantially higher than in NZ cities.
There are 567,000 New Zealanders living in Australia according to the Department of Immigration.
Interestingly, New Zealand citizens have a higher workforce participation rate (77 per cent) than Australians (69 per cent).