Wellington: With unemployment rates at record lows, New Zealand is temporarily changing its immigration rules, which are aimed at attracting 12,000 workers next year, and a working holiday scheme has been initiated for this.

Visas of some beach working holiday makers will also be extended by six months as businesses are grappling with a shortage of staff.

The shortage of workers is part of a global trend that has helped raise wages in New Zealand. This presents a challenge to the fight over inflation by the central bank, which last week raised interest rates to the highest since September 2015.

Immigration Minister Michael Wood said in a statement that these measures are about providing immediate relief to businesses that are most affected by the global labor shortage.

Other steps include relaxation of wage norms for skilled migrants in areas such as aged care, construction and infrastructure, meat processing, seafood and adventure tourism.

He said that skill levels and employee challenges across sectors are being looked at and New Zealand is not alone in this.

These measures come at a time when the unemployment rate was at 3.3% in the second quarter, when wages were also up 3.4% year-on-year, the fastest growing in 14 years.

Last week, New Zealand’s Reserve Bank raised the official cash rate by 50 basis points to 3.0% in the seventh consecutive increase to rein in inflation.

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