Official job numbers out today "massively understate" the reality, according to some economists.
The number of unemployed people unexpectedly fell from 4.2 to four percent over lockdown.
Finance Minister Grant Robertson says the government has cushioned the blow for businesses and employees, by offering the wage subsidy.
But the number of people wanting more work soared - and economists say the wage subsidy is simply papering over the cracks - delaying job losses, not stopping them.
Charlotte Cook reports.