New Zealand could see faster economic growth than Australia, but fewer jobs.

In New Zealand, Westpac's now forecasting an economic growth rate will hit 2.4% this year, and 3.1% next year.

In Australia, it's forecasting a growth rate of 2% this year, and 2.2% next year.

Senior Economist Satish Ranchhod told Ryan Bridge we've been seeing more OCR cuts, but it hasn't flowed through to the job market.

He says New Zealand's seeing high unemployment and low wage growth, and Australia hasn't seen a similar spike in unemployment.

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