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Auditors Warn Councils On Boosted Spending On Water Infrastructure

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Wellington area councils are being warned against big spending on water infrastructure investments by Audit NZ. Due to severe deterioration in the pipes serving much of the area, many authorities are looking to enhance their investment. Audit NZ has however raised concerns that the local contracting sector is not capable…

Westpac NZ Considers Exit As RBNZ Banking Regulations Tighten

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The news that Westpac is considering a demerger has come as a surprise to many. Westpac NZ is the third biggest bank in the country and has proven a highly profitable arm for the parent group. Besides being the NZ government’s banker, it caters to a customer base of 1.3…

The IMF Warns New Zealand over High House Prices

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New Zealand’s relative success in handling the pandemic has been looked upon with envious eyes by many other nations. Their quick and effective reaction to the threat has helped to significantly minimise the effect on their economy and their recovery is also happening at a faster pace than most other…

Tax statistics raise questions of fairness and equality

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New data from Inland Revenue (IRD) and Treasury shows that the richest segment of the population – known as high wealth individuals (HWIs) – pay an average of 12% of their income in tax. By comparison, those earning median incomes between $55,000 to $60,000 pay an effective tax rate of…

Central Bank Mysteriously Hacked

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New Zealand’s central bank was victim of a computer hacking attack, but further details remain under investigation. The Reserve Bank of New Zealand, which had stored data on a third-party file-sharing server, stated that sensitive personal and commercial information was accessed by an unknown individual in one of their data…

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…

NZ Housing Market’s Hot Streak Continues Despite Recession Fears

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Despite the dampening effect the pandemic has had on the global and local economy, the housing sector has managed to thrive. Even with the country likely to dip into another recession in 2021, NZ is experiencing the highest housing boom in 20 years with a record share of properties being…