Tag: Economy

Small Business Owners Buckling Under Financial Strain

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A recent Xero Small Business Survey has found that many small business owners are struggling financially to the point of no longer paying themselves to keep their businesses running. The survey was carried out online with 500 small business owner respondents from across the country. The study found that to…

Concerns As More Investors Choose Oil And Gas Projects

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A report from the sustainable finance charity, Mindful Money, found that investment in the fossil fuel industry for the financial year ended in September 2022 has nearly doubled over that year and grown its core businesses by a substantial 80%. KiwiSaver and other retail investment funds were found to be…

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…

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…

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…

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…