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NZ Economy Showing Signs of Improvement

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New Zealand’s economy is expected to improve amidst the pandemic, although increased debt and hefty deficits will pose a challenge moving forward. Grant Robertson stated that the government’s swift reaction to mitigate the spread of COVID-19 was a significant factor in aiding the economic recovery, despite ongoing obstacles. According to…

NZ Investment Scams On the Rise

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The Financial Markets Authority (FMA) published a report regarding an increase in scams towards investors in the country. Most of the scammers target consumers, while pretending to be respectable businesses operating in New Zealand. With COVID-19 triggering a boom for online business and e-commerce activities online, scammers have treated the…

New Tourism Solutions Needed to Boost NZ’s Economy

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Every little bit helps. Such is the thinking behind a variety of steps currently being considered or implemented, to try to get New Zealand’s struggling tourism industry back on its feet. The idea of incentivising domestic tourism, opening travel bubbles between New Zealand and other ‘safe’ countries, and tasking the…

COVID Pushes New Zealand into Worst Recession in Years

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New Zealand fell into its deepest economic recession on record in the second quarter, due to the Covid-19 pandemic. Overall GDP declined by 12.2% within three months (April – June). This is New Zealand’s first recession since the global financial crisis hit in 2007. The impact of this recession has…

Privacy Issues Arise as IRD Requests Data on Cryptocurrency Users

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The Inland Revenue Department is asking cryptocurrency companies to hand over their clients’ personal details as well as their digital currency holdings for tax payment purposes. The New Zealand tax agency claims that this kind of data sharing will increase their understanding of crypto assets in New Zealand, “so we…

NZ Treasury Anticipates a NZ$1 Billion Blow

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Authorities expect the most recent nationwide lockdown, prompted by the return of new COVID-19 cases, to cost the NZ economy a billion dollars. BNZ bank economists estimate that the lockdown measure will impose a 1-2% impact on NZ’s 3rd quarter GDP. A spokesperson for the bank explained: “This estimate will…

Inland Revenue Grants Tax Relief For Short-Term Rental Providers

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Short-term accommodation providers, like Airbnb and Bookabach, now qualify for a COVID-19 tax break from the Inland Revenue Department (IRD). To be eligible for this tax exemption, short-term rental providers must have registered for GST and be forced into closure due the novel coronavirus pandemic. In addition, they must also…

Tax Hikes Likely Coming, Experts Say

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With the general election coming in September, Prime Minister Jacinda Ardern and new National Party leader Judith Collins have both been rather quiet on the subject of tax increases. But economist Cameron Bagrie says that New Zealanders should not expect tax cuts, as the coronavirus crisis has forced the government…

New Charter to Regulate the Use of Data in Algorithms

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Statistics New Zealand has begun using an Algorithm Charter for Aotearoa New Zealand that guarantees the secure use of New Zealanders’ personal data by public agencies. This measure, which regulates the use of data and analytics, comes in response to suggestions made within the Algorithm Assessment Report in 2018. The…