NZ Government Announces Temporary Fuel Tax Cuts

While much of the world contends with rising fuel prices spurred by the ongoing invasion of Ukraine by Russia, Kiwis can sigh with relief following the announcement by PM Jacinda Ardern that petrol excise duty will be cut alongside road user charges. She said that the global energy crisis was…

Research Shows Cash Hoarding On the Rise in New Zealand

According to research done by the Reserve Bank of New Zealand (RBNZ) – Te Pūtea Matua, there has been a significant dip in the number of people using cash for everyday purchases. The survey found that just two-thirds of Kiwis were actively using cash daily, compared with nearly the entire…

Annual Inflation Rate in NZ Reaches 30-Year High

Recently released figures by Statistics New Zealand confirm that inflation reached a record-setting level of 5.9% by the close of 2021. This increase was driven by rising consumer prices, as construction costs, petrol and rents recorded a sharp upsurge in the final quarter of the year. Though disappointing, this outcome…

CCCFA Changes Make Accessing Credit Difficult

Borrowers are facing additional challenges when it comes to accessing credit following the implementation of changes made to the Credit Contracts and Consumer Finance Act (CCCFA). The changes were made in 2019 to institute better protections for borrowers against spiralling costs of debt and came into effect from December 1.…

NZ Wage Levels Rise As Signs Of Labour Shortage Emerge

According to Infometrics, New Zealand wages are on the rise across the board. During the last 12 months leading up to November 2021, the average salary per filled job increased by 7.6%, with the national average salary rising by 9.6%. This represents a 20-year high. Infometrics principal economist, Brad Olsen,…

NZ Property Market Closes 2021 On a High Note

Aotearoa’s red hot property market closed out 2021 at peak levels. Although there were prospects of the market cooling following plans to increase interest rates, tighten bank lending criteria, and new tax policy restrictions, the market appears to still be on the rise. CoreLogic’s House Price Index (HPI) found that…

Strong Economic Growth in NZ Over Next 5 Years

New Zealand Finance minister, Grant Robertson, recently gave a summary of the Treasury’s Half Year Economic and Fiscal Update 2020 report. The report indicates that the economy is expected to bounce back in the coming years following depressed performance since the pandemic started. The report has projected that unemployment will…

NZ Government Shifts on Excise Tax

New proposals have been presented under the Smoke-free Aotearoa 2025 Action Plan document to combat tobacco smoking in New Zealand. The NZ government has for years relied on increased excise taxes to help discourage smoking. The intention had been for smokers to see the rising cost and opt to curtail…

Accounting Body Calls for Simplicity in New Property Tax Rules

During its oral submission to the Finance and Expenditure Committee earlier this week, Chartered Accountants Australia and New Zealand (CA ANZ) urged the government to resolve the complexities brought on by the new tax laws related to the bright-line test. The accounting body recently surveyed 361 of its members and…

NZ Interest Rate Hiked to Stem Inflation

The Reserve Bank of New Zealand (RBNZ) has raised the official cash rate (OCR) by 25 basis points to 0.75%. This is the second time in two months that the central bank has raised interest rates in an effort to curb inflationary pressures. This is amid the easing of pandemic…