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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…

Economy Records Strong Growth

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Despite experts predicting growth of just 0.9% for the quarter, the economy has surpassed expectations by growing 2% for the September quarter. Stats NZ reported that much of this has can be attributed to a surge in the service activity and growth in exports following the re-opening of the NZ…

Demand for Consumer Loans on The Rise

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With inflation and interest rates on the rise, it comes as no surprise that more people are struggling to manage tighter household budgets. According to a new Credit Indicator report released by credit bureau Centrix, consumer arrears rose by 5% in October as compared to a year before. There was…

Reserve Bank Warns That A Recession Is Coming

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The Reserve Bank of New Zealand (RBNZ) announced that it had raised the official cash rate (OCR) by 75 basis points to 4.25%. This is the biggest hike it has carried out since the global financial crisis of 2008 and considerably higher than the market had anticipated. The RBNZ is…

Commerce Commission Urges Comparison Shopping

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The Commerce Commission is advising motorists to take more time to shop around for the lowest prices on fuel in their local areas. Commissioner John Small said that this would help drive healthy competition with time and was a key factor in exerting downward pressure on pricing at the pump.…

Airbnb Appeals Against GST Proposal

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Airbnb is opposing a move by the government to levy goods and services tax (GST) on its accommodation bookings as of April 2024. The company is basing its opposition on suggestions that such a change would stifle the country’s economy and cause it to lose as much as $500 million…

Government Once Again, Targets Buy Now Pay Later Schemes

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The government has grown increasingly concerned by the growing number of Kiwis that are becoming burdened by debts they cannot seem to afford. One of the contributors to this situation is buy now pay later (BNPL) schemes that the government now wants to enforce rules on. Commerce and Consumer Affairs…

Cost of Living Rose 7.7percent YoY

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Stats NZ has reported that the cost of living for the average New Zealand household rose by 7.7% over the last year ending in September 2022. All household groups suffered their highest annual increase in the cost of living since the index started in 2008. The household living costs price…