The reopening of international borders won't be enough to address the worker shortage and rising cost of living.

Unemployment has reached 3.3 percent in the June quarter up only slightly from the record low 3.2 percent of the previous two quarters.

Overall wages have risen 3.4 percent in the year to June, well below the inflation rate of 7.3 percent.

ANZ Chief Economist Sharon Zollner told Mike Hosking while increasing immigration will increase the supply of workers, it will also add to demand pressures.

She says those who move here still have to eat and live, so we need to act on both fronts by equalising demand as well as supply.

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