A Wellington public servant earning $68,000 watches the news about a controversial new high-rise development getting approved in the capital. More apartments, more density, more growth. Except the income data tells a completely different story about what's actually happening in Wellington's economy.

Wellington's total taxable income in 2024 hit $3.87 billion, up just $900,000 from 2023. That's not a typo. After years of steady growth, the capital's wage economy essentially stopped moving. (Source: Stats NZ, taxable-income-sources)

To understand how unusual this is, look at the trajectory. Between 2020 and 2023, Wellington's taxable income climbed by nearly $177 million. That's an average of $44 million per year: steady, predictable growth that matched the capital's reputation as New Zealand's most stable job market.

Then 2024 happened. Growth dropped to effectively zero. The $900,000 increase represents a 0.02 percent rise, the smallest annual gain since this dataset began tracking regional income in 2000.

This isn't about one bad year. It's about what happens when a city built on government jobs and professional services hits a wall. While households across New Zealand freeze spending as bills soar, Wellington is experiencing something more specific: a capital city whose primary economic engine has stalled.

The contrast with recent history is stark. In 2021, Wellington's income grew by $29 million. In 2022, by $63 million. In 2023, by $84 million. Each year built on the last. Then the pattern broke.

For a city planning new high-rises and debating development, the 2024 income figure raises an uncomfortable question: who exactly is going to fill these buildings? Wellington's wage economy isn't shrinking, but it's not growing either. It's frozen.

The data doesn't explain why. It could be public sector cuts, it could be businesses holding off on pay rises, it could be workers leaving the region entirely. What it does show is that Wellington's status as New Zealand's economic safe harbour, the place where government jobs and professional services kept incomes climbing even during uncertainty, has ended.

That public servant watching the news about new developments? Their income probably didn't move in 2024. Neither did their neighbour's. Neither did most of Wellington's. For the first time in 24 years, the capital's wage economy simply stopped.