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Commerce Commission Cracks Down on Undue Surcharges

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The Commerce Commission has reportedly raised concerns with many large businesses over their excessive level of surcharges on customers using contactless payment methods. The commission has confirmed that it has written to many large firms on the issue, particularly when it came to those swiping or inserting their debit cards.…

Small Business Sector Optimistic Despite Recession Fears

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The 2022-2023 Asia Pacific Small Business Survey by CPA Australia has found that 40.3% of New Zealand’s small businesses expect the national economy to grow, while 43.2% expect it to shrink in 2023. While this is the second lowest result among the 11 Asia Pacific economies surveyed, 65.6% of these…

National Pegs Hopes on Build-to-Rent Policy

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Rent levels in New Zealand have risen substantially according to recent Trade Me Property data. The national median weekly rent rose to $595 in January, up by $25 a week or 4% from last year. This follows the national median having stagnated at $580 in the previous three months. According…

Credit Arrears on The Rise

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There is a growing concern as more households appear to be struggling to keep up with debt payments. A report from credit bureau Centrix indicates that 11.9% of Kiwis were in arrears as of January, the highest level seen in four years. This amounts to about 430,000 people, up by…

OCR Rises By 50 Basis Points

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In a further attempt to keep inflation down, the Reserve Bank of New Zealand (RBNZ) has announced a new hike to the Official Cash Rate (OCR) by 50 basis points. This brings the OCR to 4.75%, with some economists predicting that it will peak at 5%. This is the highest…

New Zealand Property Market Faces Decline

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Figures from Quotable Value (QV) show that the average price of a New Zealand home has fallen by an estimated $10,000 a month. The QV House Price Index indicates that property values fell by $10,006 between December last year to January 2023. Prices also fell by $129,004 from January 2022…

Kiwis Raise Concern Over Rising Food Prices

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Stats NZ has released figures indicating that the annual inflation rate has remained high at 7.2%. This is the highest level in 32 years, with key drivers being food prices, rent and maintenance, and building costs. For the consumer having to spend more on foodstuffs, the rising food prices have…

Growing Concern Over Rising Financial Services Complaints

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As economic pressures grow on consumers, there has been an increase in the number of financial services complaints. Financial Ombudsman, Susan Taylor, reported that there was a 17.5% surge in complaints lodged in the six months leading to December 2022. She noted that issues like higher interest rates and the…

Housing Market Slump Expected To Persist

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The last quarter of 2022 saw a sustained decline in the country’s property market. The House Price Index (HPI) fell by 1.3% in October, 0.6% in November, and 0.2% in December. Despite the slowdown, analysts predict that there will be an ongoing weakness in the market in 2023. Issues such…