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Monday, July 15, 2024

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Economy

2021 ‘wealth surge’ fuels ‘generational divide’, say economists

New Zealand apparently experienced 'a significant surge in household wealth' during 2021, creating a 'generational divide' that economists believe may never be seen again. Stats...

US warned over ‘chronic fiscal deficit’

The International Monetary Fund (IMF) has criticized Washington for the persistent “misalignment” of its fiscal policy. US budget deficits and soaring debt present a “growing...

Kiwis hit by surprise tax bills, parental leave recipients among hardest hit

Many New Zealanders, especially those on parental leave, are facing unexpected tax bills amounting to thousands of dollars due to automated income tax assessments...

Construction industry concerns over Kāinga Ora’s revamp and project delays

The construction industry in New Zealand is facing significant issues due to the government’s revamp of Kāinga Ora, the largest home builder in the...

GDP increases 0.2 percent in the March 2024 quarter

New Zealand’s gross domestic product (GDP) rose 0.2 percent in the March 2024 quarter, following a 0.1 percent decrease in the December 2023 quarter,...

Major business deals signed on Japan trip – Luxon

Significant business deals have been closed during the visit of Prime Minister Christopher Luxon to Japan this week, including in the areas of space,...

‘National Infrastructure Pipeline worth over $120 billion’ – Bishop

The National Infrastructure Pipeline, which provides a national view of current or planned infrastructure projects, from roads, to water infrastructure, to schools, and more,...

Laybuy appoints receivers amid ongoing financial struggles

Buy-now-pay-later provider Laybuy has announced the appointment of receivers, marking the end of its long battle to achieve profitability. Founder Gary Rohloff told state media...

The perils and promise of the emerging multipolar world

The World Bank’s release on May 30 of its latest estimates of national output (up to the year 2022) offers an occasion to reflect on the...

Government to sign ‘groundbreaking’ Indo-Pacific agreements

Trade Minister Todd McClay and Climate Change Minister Simon Watts travel to Singapore on Monday to sign three Indo Pacific Economic Framework (IPEF) agreements. IPEF’s...

Don’t be misled – Judging the risk from Central Bank Digital Currencies in isolation is a rookie mistake.

New Zealand’s Central bank, the Reserve Bank of New Zealand (RBNZ) have opened a consultation on central bank digital currencies (CBDCs). The consultation closes July...

Budget 24 ‘the Mother of All Disappointments’ – Taxpayers’ Union

Nicola Willis's inaugural budget has been criticised by the Taxpayers’ Union, which has labelled it “The Mother of All Disappointments,” accusing it of failing...

Flybuys to shut down after nearly three decades

After a run of nearly 30 years, Flybuys, one of New Zealand's most popular loyalty programs, is set to close by the end of...

Nicola Willis – Budget 2024 Speech, full text

Full text of Finance Minister Nicola Willis' speech to the House of Representatives on Budget Day 2024. Mr Speaker, I move that the Appropriation (2024/25 Estimates)...

‘Budget delivers on promises to Kiwis’ – Luxon

Prime Minister Christopher Luxon says Budget 2024 delivers on the Government’s promises, with savings across the public sector being reinvested in frontline services and...

‘Budget 24 turns tide on wasteful spending’ – Seymour

Associate Finance Minister David Seymour says this Budget makes a good start in reducing low value government spending, and there is more efficiency to...

Commissions and agents decreasing as real estate market faces challenges

The real estate industry is facing tough times, with increased workload and reduced sales leading to a decline in the number of active salespeople. According...

NZ retail landscape faces shifts as Smith & Caughey’s closes and The Warehouse realigns strategy

NZ's retail sector is undergoing significant changes as Smith & Caughey's, a 144-year-old retail icon, announced plans to shut down, impacting around 250 jobs...

Super Fund to get more investment opportunities – Willis

Finance Minister Nicola Willis has welcomed the passage of legislation giving the New Zealand Superannuation Fund a wider range of investment opportunities. The New Zealand...

Smith & Caughey’s consider closure plan amid economic challenges

The iconic Auckland department store with a 144-year history, has announced closure plans for both its physical and online outlets, expected by early next...

Media: Gen Z is doomed

Years after the fact, the mainstream media is discovering that Gen Z is doomed. As CNN puts it, Gen Z is “earning less, has more...

Mortgage stress continues despite stable interest rates

Although interest rates seem to have stabilised with the Reserve Bank expected to maintain the official cash rate at 5.5%, the fallout in the...

Money’s grim future

Prepare for total control of your economic life. That is the message from Brownstone Fellow Aaron Day at his 4-hour workshop in San Jose, California...

Household debt crisis deepens: 40% more families seeking financial help

A recent report reveals a staggering 40% increase in the number of families seeking help from financial mentors, highlighting the worsening debt crisis in...

Drowning in debt: The paralysis at the heart of the US fiscal crisis

Washington is doing nothing about its deteriorating finances because there is nothing it can do without risking major upheaval. It can appear puzzling why at...

Getting new job seekers on the pathway to work

Jobseeker beneficiaries who have work obligations must now meet with MSD within two weeks of their benefit starting to determine their next step towards...

Cost of living support for low-income homeowners

Local Government Minister Simeon Brown has announced an increase to the Rates Rebate Scheme, putting money back into the pockets of low-income homeowners. “The coalition...

McClay ‘reaffirms strong NZ-China trade relationship’

Trade, Agriculture and Forestry Minister Todd McClay has concluded productive discussions with ministerial counterparts in Beijing today, in support of the New Zealand-China trade...

Changes made to Accredited Employer Work Visa scheme to curb ‘unsustainable net migration’

Immediate changes to the Accredited Employer Worker Visa (AEWV) scheme will ensure New Zealand is attracting the skills it needs, and reducing the vulnerability...

Americans skipping meals to cope with rising costs – poll

A new survey has found that half of US homeowners and renters are struggling to afford their housing payments. Half of Americans are struggling to...

Ardern government the ‘most destructive and divisive’ in NZ history – Spectator

An opinion piece by Amy Brooke in the Spectator Australia today accused Jacinda Ardern's government of turning 'Godzone' into a Second World country. Economic mismanagement,...

EV advocacy group predicts slow uptake of new road user charges

An electric vehicle advocacy group predicts that electric car drivers will not rush to start paying increased taxes, as new road-user charges come into...

Sanitarium to shelve cereals and cut 49 jobs

Leading breakfast food maker Sanitarium has announced a major shift in its product lineup, proposing to eliminate the production of muesli, granola, flake, clusters,...

Major tax Bill passed

The passing of legislation giving effect to coalition Government tax commitments has been welcomed by Finance Minister Nicola Willis. “The Taxation (Annual Rates for 2023–24,...

Prominent Aucklanders come out against 35-year lease of Downtown Port

A coalition of influential Auckland figures, including Sir Stephen Tindall, Lady Pippa Blake, Sir Ralph Norris, and MP Chlöe Swarbrick, has formally objected to...

‘GDP decline reinforces Government’s fiscal plan’ – Willis

Declining GDP for the December quarter reinforces the importance of restoring fiscal discipline to public spending and driving more economic growth, Finance Minister Nicola...

‘Trade access to overseas markets creates jobs’ – McClay

Minister of Agriculture and Trade, Todd McClay, says that today’s opening of Riverland Foods manufacturing plant in Christchurch is a great example of how...

Watch: Winston’s State of the Nation speech

Deputy Prime Minister Winston Peters gave his 'State of the Nation' speech today in Palmerston North. Watch Winston's Peter's 2024 State of the Nation speech....

World Consumer Rights Day – Know your rights

Today marks World Consumer Rights Day, and the Consumer Protection team at the Ministry of Business, Innovation and Employment wants to remind New Zealanders...

Retail spending falls for eighth quarter in a row

The total volume of retail sales fell 1.9 percent in the December 2023 quarter according to figures released by Stats NZ today. This follows falls...

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