Tag: Inflation

NZ Government Announces Temporary Fuel Tax Cuts

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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…

Westpac NZ Records $1.01B Profit as Its Share Value Tanks

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November 1 was a mixed bag of results for Westpac that announced it had made an annual profit of $1.01 billion over the last year ending in September 2021. This profit was a 56% increase on that of the previous year, a margin higher than the 39% increase recorded by…

RBNZ Hikes Benchmark Interest Rate

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In an attempt to cool a heated property market and rising inflation, New Zealand’s central bank has announced a hike in its cash rate by 25 basis points on Wednesday. Economists had expected a hike over a month ago, but the response was shelved following the most recent Covid-19 outbreak…

Economy on pause due to lockdown

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New Zealand’s response to the Covid-19 pandemic was praised around the world. However, the new Delta variant of the virus has thrown a spanner in the works. New Zealand entering level 4 lockdowns and the volatility of the strain of virus has thrown some uncertainty into the economy. Although lockdown…

New Zealand’s CPI Spike Highest In A Decade

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The Reserve Bank of New Zealand (RBNZ) has reported a surprising spike in the consumer price index (CPI) that has raised inflation by 1.3%, achieving an annual inflation rate of 3.3% by the end of the second quarter. These figures are well above the RBNZ’s target inflation band of 1-3%…

Hope Dims for Simon Bridges’ Tax Bracket Bill

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The proposed Income Tax (Adjustment of Taxable Income Ranges) Amendment bill seems likely to fail following reports that the Labour Party would not support it. Deputy Prime Minister, Grant Robertson, stated that it was not on the agenda. With Labour already the majority in parliament, a lack of support here…

New Zealand’s Inflation Rate Shows Promising Sign

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New Zealand’s inflation rate is now expected to hit the Central Bank’s target more quickly than was initially thought, signalling a healthier post-pandemic recovery period. The yearly inflation rate held stable during the fourth quarter of last year – a substantially better outcome when compared to the prior estimates of…

Data Reveals Difference in Inflation Rates Between Households

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Is it getting more expensive to live in New Zealand? That depends on who you ask. New data from Stats NZ measures the cost of living through household living cost price indexes, comparing inflation between 13 different groups. In the third quarter of 2019, the highest-spending households experienced a quarterly…