It really isn’t politics. New Zealand is very isolated from other countries, so the price of imported goods are high. It is also a small nation that is primarily farms, so there isn’t much room for development and home prices are high. It has a small steel industry but otherwise there isn’t a lot of manufacturing unless it is related to dairy.

New Zealand has had a constant outflow of people to other countries that ebbs and flows for at least 40 years. I left during a previous surge. Home prices are too high, wages are too low, and better opportunities can be found abroad. When other economies start slowing down, a lot of people return to NZ.

Couldn’t have said it better myself.