Tag: Government

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.…

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…

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,…

Top NZ Banks Lower Home Loan Rates

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Over the last few days, three of New Zealand’s top banks have announced a reduction in their home loan rates. All this while multiple central banks across the world hike interest rates in an attempt to tame inflation. ANZ, BNZ, and Westpac have all recently slashed their home loan rates,…

Small Business Wage Increases Match Inflation

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According to the Small Business Index report generated by online accounting software firm Xero, small businesses have increased wages by 6.8% annually. This comes close to matching the year-on-year annual inflation rate recorded in June of 7.3%. The wage hike is the highest since the series began in January 2017,…

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…