More importantly, why is it the second largets line item in our GDP breakdown at over $25B?
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This is hilarious, I had to look it up: https://datainfoplus.stats.govt.nz/item/example.org/0294ec5a-764b-4985-92c2-79af1382ef68
Basically, it’s all the costs of being a homeowner (maintenance, insurance, finance charges) wrapped into a line item and added to the GDP.
I’m sure there’s some fancy economist reason for doing this… but yeah, hard to make sense of it.
Also, seeing that “Rental, hiring and real estate services” ranks above things like education tells a story about our priorities.
This is measuring how much people spend so the fact that they are not spending as much on education is a good thing.