Everyone's watching Contact Energy's 44% profit jump and tourism's comeback. But which industry quietly saw the biggest earnings growth over the past four years? The one we keep hearing is contracting: information media and telecommunications.

In 2020, total earnings in the sector stood at $57 million. By 2024, that figure hit $68.6 million — a 21% jump in just four years. (Source: Stats NZ (LEED), earnings-by-industry)

Except here's the problem: inflation over that same period ran between 20–25%. Strip that away, and the sector's earnings barely moved in real terms. Some years, they went backwards.

Look closer at the trajectory. The sector grew steadily from 2020 through 2023, peaking at $68.8 million. Then 2024 brought a slight dip to $68.6 million — the first decline in four years. Not dramatic, but notable in a sector that had been climbing through COVID, supply chain chaos, and interest rate hikes.

This matters because information and telecommunications isn't some niche corner of the economy. It's where thousands of Kiwis work — building networks, running media companies, managing data centres, coding apps. When earnings flatten here, it's a signal. Tech hiring has cooled. Media outlets have shed staff. Telcos are consolidating.

The bigger story is what nominal wage growth hides. A 21% increase sounds healthy until you remember your rent went up 30%, your groceries jumped 25%, and your power bill — well, you've seen Contact Energy's profit margin. Wages that look like growth on paper can still mean you're falling behind at the supermarket checkout.

Between 2020 and 2024, this sector added roughly $11.7 million in total earnings. But if those earnings had kept pace with inflation, they'd need to be closer to $71 million today just to match the purchasing power workers had four years ago. They're not there.

So why does this industry's wage story matter right now? Because it's the canary in the coal mine for knowledge workers across New Zealand. If the tech and telecom sector — supposedly high-skilled, supposedly in-demand — can't outpace inflation, what hope do other industries have?

Tourism's back. Energy companies are printing money. But the workers building New Zealand's digital infrastructure? They're running just to stay in place.