On the same day Contact Energy announced a 44% profit jump to $205 million, new tax data quietly revealed something far less cheerful: New Zealanders in their peak earning years are making less money than they were last year.

People aged 45-49 — the age bracket that typically earns the most — pulled in $2.69 billion in taxable income in 2024. That's down from $2.71 billion the year before. A $100 million drop. (Source: Stats NZ (LEED), taxable-income-sources)

Here's the tension: this is the generation that should be coasting. Mortgages nearly paid off. Kids through university. Careers at their apex. Instead, they're watching their collective earnings shrink while power companies book record profits.

The fall isn't sudden — it's relentless. Since 2020, total taxable income for 45-49 year-olds has declined every single year. From $2.80 billion in 2020 to $2.69 billion today. That's a 4% drop in nominal terms — before you even factor in inflation.

And inflation is the killer here. These figures aren't adjusted for it. With prices up roughly 20-25% since 2019, that $2.69 billion buys significantly less than the $2.80 billion did four years ago. In real purchasing power, this age group has lost closer to 25% of their collective income.

This matters because 45-49 year-olds aren't just earning for themselves. They're supporting teenage kids. Helping elderly parents. Propping up family businesses. When their income falls, it ripples through three generations.

The data doesn't tell us why this is happening — whether it's job losses, pay cuts, reduced hours, or people dropping out of the workforce entirely. But it does tell us this: the age group that's supposed to anchor New Zealand's economy is earning less every year.

Meanwhile, as the Prime Minister floats the idea of a bed tax to extract more revenue from tourists, the data shows we're already extracting less from our own workers — not by choice, but by circumstance.

The government talks about economic growth. Companies post profit increases. But for the Kiwis who should be at the peak of their earning power, the numbers are moving in the wrong direction. And they have been for five straight years.