Tag: accounting

Government Announces Budget Deficit

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The Labour government is expected to curb spending in its upcoming “no-frills” budget following a larger-than-expected budget deficit forecast. Government coffers are set to take a major hit as plans are made to rebuild infrastructure following recent severe weather events and social welfare assistance is extended to those struggling to…

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…

NZ Dodges Recession with Strong Economic Growth

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The New Zealand economy grew by 1.7% during the June quarter, confirming that the country has managed to defy the odds and not go into a recession. This has been a positive result following a poor showing in the March quarter that saw the economy decline by 0.2%. Financial experts…

Tax Break for Long-Term Rental Investors

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Housing minister, Megan Woods, has announced a change in rental housing policy that will allow landlords to enjoy tax breaks if they meet a certain criterion designed to promote access to affordable long-term rentals for kiwis. Landlords that own 20-plus units in one development and that offer tenancy agreements of…

Kiwis Investing More Despite Volatile Economic Times

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In a new report from the Financial Services Council (FSC) titled “Money and You: Investing in Volatile Times”, it has been found that there is a growing number of New Zealanders that are choosing to invest in financial products. About 4 in 5 Kiwis were found to be doing so,…

Inflation Hits Highest Level in Three Decades

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A report by Statistics New Zealand has found that the consumer price index (CPI) has risen 7.3% in the second quarter of the year, up from 6.9% in the first quarter. This is the fastest increase on record since June 1990 when the CPI rose by 7.6%. The CPI rose…

RBNZ Hikes Benchmark Interest Rate To 2.5percent

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In another attempt to control inflation, the Reserve Bank of New Zealand (RBNZ) has raised the benchmark interest rate by half a percentage point to 2.5%. This is the third time this year, following similar hikes in April and May, that the RBNZ has raised the official cash rate by…

Government Announces Draft Plan To Tax Agricultural Emissions

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New Zealand’s Ministries of Agriculture, Climate Change and Environment have released a draft plan that will guide pricing on agriculture emissions that come from belching cattle and sheep. This plan will see New Zealand become the first country in the world to have farmers pay for the emissions that come…

Kiwi Retailer Set to Freeze Commodity Prices for Winter

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One of the country’s biggest supermarket chains, Countdown, has announced plans to temporarily freeze retail prices on 500 retail items for the duration of winter. They have assured that the freeze will hold no matter the changes to inflation rates during this period. This move, it has been said, is…