Weekly Digest – 06 November 2024
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
New Zealand reaches trade deal with Gulf states
New Zealand has reached a trade deal with the six-nation Gulf Cooperation Council, which includes Saudi Arabia and the United Arab Emirates, that Wellington said would open up major opportunities for Kiwi exporters in the Middle East.
Construction sector leads rise in business confidence
“Business optimism continues to rise, with forward-looking activity indicators higher again, and a decent lift in reported past activity and employment,” says ANZ chief economist Sharon Zollner. The construction sector turnaround was particularly notable, she said.
Westpac Economic Overview
“Recent information suggests that economic activity has remained subdued since our last update,” Westpac Chief Economist Kelly Eckhold commented on the release of Westpac’s October 2024 Economic Overview. “However, with inflation now comfortably back inside the 1-3% target range, and monetary policy settings moving back towards a neutral stance, we expect the economy to begin to strengthen over coming quarters.”
More than 450,000 Kiwis behind on debt repayments as festive spending season looms
Inflation and interest rates are falling, but Kiwi households are still doing it tough leading into the festive season. New data from Centrix shows mortgage and consumer arrears remain high and could stay that way into the new year.
Inland Revenue visiting 300 businesses in pursuit of unpaid tax
Thousands of people frustrated about businesses shirking their tax responsibilities have been reporting them to Inland Revenue. The tax department said on Thursday it was in the process of visiting nearly 300 businesses as part of its “hidden economy” work.
Inflation impacts: How much have prices risen in five years?
Inflation may be back within the Reserve Bank’s target range, but the past few years have left prices much higher than they were before the pandemic. Increases have not been evenly spread and some things are much more expensive now than others, compared to 2019. Here are some of the things that are most expensive now compared to pre-Covid, based on consumer price index data comparing September 2019 to September 2024.
Cruise tourism brought $1.37 billion into NZ economy last financial year
Cruise tourism injected $1.37 billion into New Zealand economy last financial year, according to a new report. Two industry bodies commissioned the report with aims to provide the first comprehensive picture of the country’s cruise economy.
An untapped asset capable of transforming our economy
The oceans that surround New Zealand could make us a wealthy country, according to Dr Cath McLeod, Chief Science Officer at the Cawthron Institute. The key is science and inspiring people to collaborate and invest in science that informs how we sustainably grow, harvest and process a variety of marine organisms, and then turn those organisms into valuable nutrient-rich foods, medicines and construction materials.
Whilst the push for greater bank competition is good news, it may also come with increased risk
As the push for increased banking competition in New Zealand snowballs, exciting times for customers could be ahead. More competition for their custom, new products and services, new ways those products and services are offered, better prices, and the ongoing advancement of technology, promise much. With the public, regulators and government seemingly aligned on wanting this, it’s going to be fascinating to see how it plays out.
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