NZ Stock Market Negatively Affected by US News

The S&P/NZX 50 Index fell by 1.5 per cent to 12,264.49, marking its lowest level in two and a half weeks. The sell-off was widespread, with 111 stocks declining and only 24 showing gains. The drop followed a disappointing US jobs report released on Friday, which revealed a higher-than-expected unemployment…

New Zealand Needs More Anti-Flood Protection

ClimSystems, a climate risk management firm, has emphasised that the current flood adaptation measures are insufficient and has urged the Government to develop a comprehensive national flood adaptation platform. ClimSystems presented its concerns to the Finance and Expenditure Committee (FEC), which is tasked with formulating objectives for a new climate…

Nearly Half of NZ Retail Businesses Might Close

Retail NZ’s latest survey reveals that 43 per cent of retailers are uncertain about their future, a notable increase from the previous quarter’s 32 per cent. Adding to the gloom, more than 70 per cent of retailers did not achieve their sales targets in the recent quarter, underscoring deepening pessimism…

Kiwis Struggling with Very High Housing Costs

This alarming statistic, highlighted in a recent report by global infrastructure firm GHD, underscores a deepening struggle for affordability that outpaces many other developed nations. According to the study encompassing 10 countries and over 13,000 respondents, 17 per cent of New Zealanders are grappling with the crushing reality of spending…

Decreasing Food Prices Offer Relief in New Zealand

A Kiwi food price report marks the first annual decline in nearly six years, signalling a departure from the persistent upward trend seen since August 2018. The decline in food prices was primarily driven by substantial drops in the cost of tomatoes, cheese, and potatoes, according to consumer prices manager…

New Commission to Help Manage Natural Disasters

The newly enacted Natural Hazards Insurance Act effective from July 1st, reflects a broader mandate to encompass a range of natural disasters beyond earthquakes. The Commission’s Chief Executive, Tina Mitchell, emphasises that the legislative update is designed to modernise and strengthen their ability to mitigate the impact of natural hazards…

Inflation Raises Concerns Over Interest Rates

Many stakeholders are urging for crucial revisions to enhance clarity and confidence among all parties involved. Presented by Minister of Commerce and Consumer Affairs Andrew Bayly, the Bill aims to modernise insurance contract law, a process initiated back in 2019 under the previous Labour-led government. During a recent public hearing…

New NZ Homeowners Face Falling Home Values

As recent data reveals that many are now facing properties worth less than what they paid during the market’s peak. According to CoreLogic, a staggering 81 per cent of homes purchased by first-time buyers between October 2021 and March 2022 have seen their values decline since purchase, with approximately 18…

Emigration to Present Challenges for Kiwi Economy

The latest data from Stats NZ unveils a stark reality: while migrant arrivals surged by 25 percent, a staggering 56,000 New Zealanders departed in the year leading up to April—a figure that surpasses all historical records, including the previous peak observed in February 2012. BNZ’s Chief Economist, Mike Jones, attributes…

Unclaimed Money Surges According to Inland Revenue

This surge highlights the growing volume of dormant funds lying untouched in various financial institutions and investment vehicles. The ‘unclaimed money’ list maintained by Inland Revenue encompasses amounts of at least $100 that have remained dormant in banks, finance companies, investment funds, or with legal and financial professionals for extended…