Australia is on track to record the largest rise in unemployment in the developed world, according to new projections from the International Monetary Fund (IMF).
In its global outlook, the IMF found most economies have withstood turbulence from the past six months, whereas Australia was an outlier.
The projected new figures suggest the brain drain to Australia is slowing, with New Zealand provisional data showing a net migration loss of 27,900 people in the year to March, compared to more than 31,000 a year earlier.
Kiwi resorts to roadside sign as Australia’s job market tightens - Watch on TVNZ+
"We have a global economy that has been very resilient but we may be reaching the limits of some of that resilience," IMF Research Deputy Director Petya Koeva Brooks said.
Australia's unemployment is forecast to rise from an average of 4.4% this year to 4.7% in 2027, with around 100,000 jobs at risk.
In comparison, the report showed that while New Zealand's current unemployment is higher, at 5.4%, it is expected to drop to 5.1% next year.
Provisional figures showed a net migration loss of 27,900 in the year to March, compared to more than 31,000 the year before. (Source: 1News)
Craig Pollard, a Kiwi living in Australia for the last 17 years, said the job market is getting tougher for him and his kids.
"I [had] come up with the idea of doing a sign up and standing on the side of the road, with it saying 'job wanted'," Pollard said.
"Another thing over here, it's really hard to get a full time. I mean there's so many casual positions but not that many full time."
The IMF predicted the main disruptor on global economies would be artificial intelligence.
"We are seeing a fairly small number of countries that are benefitting from this AI related boom," Brooks said.
In an attempt to benefit from the boom in Australia, a joint parliamentary committee on AI called for immediate investment and the relaxing of copyright laws, allowing Australian AI companies to train models on both local and international content.
With fears that job opportunities will continue to be hard to come by, developments like AI are worrying for Pollard.
"With all the new technology and the changes that are coming... especially for my children and that, trying to get them into positions where they can grow," Pollard said.
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