Weekly Digest – 13 December 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Mid-sized businesses ‘driven and primed for action’ in 2024 – survey

Nearly two-thirds (62 percent) of mid-sized businesses expected revenue to improve over the next year, along with economic conditions (65 percent) according to a recent MYOB survey of decision-makers in mid-sized businesses.

“We’re out of our lane” as world economy shifts, says Bagrie

Shifts in the international economic climate present challenges as well as opportunities for regional New Zealand, independent economist Cameron Bagrie says.

NZ is past the worst, but has a slow climb ahead, says ASB

Strong migration and spending have provided a boost to the New Zealand economy which, according to the latest ASB Quarterly Economic Forecast, is now on an upward trajectory. But the pick-up in momentum will be gradual, says ASB.

Cost of living crisis: ‘People up at night worrying’ as retirement savings dry up

The Retirement Commissioner is joining budget advisors in raising alarm over a steep rise in people withdrawing their savings from KiwiSaver as they struggle with rising prices and paying the mortgage.

IRD calls for $2b of Covid business loans to be paid back

More than 10,000 businesses have defaulted on $177 million of loans given out as part of the previous government’s Covid-19 support package. Two years on from the pandemic, IRD is now calling for 129,000 customers to start paying back $2.3 billion of Small Business Cashflow loans.

House prices slowly inching higher

The downturn in the housing market appears to be at an end, but the recovery is expected to be slow. CoreLogic’s national House Price Index (HPI) posted the first rise in property values since March 2022, up 0.4 percent in October and 0.1 percent over the past three months.

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