Spokesperson Matt Flood mentioned that the company had 'joined many other organizations in offering or considering voluntary redundancy schemes.

' He explained that the challenging economic environment had forced the company to cut operational costs and implement productivity tools such as Artificial Intelligence (AI) to better serve customers.

'We are offering a strong redundancy package for those who choose to take it, and are committed to supporting our team through this process,' he stated.

It is understood that some staff members have concerns about the cuts, especially at a time when the company appears to be spending.

In addition to public sector job cuts, which RNZ estimates now total 6000 roles, several private businesses have also been reducing their workforce.

Trade Me reported in its most recent update that job applications reached a record level in the June quarter, as the number of listings dropped.

Forecasts predict that unemployment will peak between 5.

3 percent and 5.

5 percent, up from the current rate of 4.

3 percent.

Assuming the number of filled jobs remains the same, this would mean an increase of about 170,000 people becoming unemployed.

Independent economist Shamubeel Eaqub said that while this is possible, he expects unemployment will not peak as high this cycle as in the past because businesses would be reluctant to let staff go.