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…

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…

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…

Finance Minister Nicola Willis announced that households can expect to see an increase of up to $102 every fortnight starting July 31st. According to Minister Willis, the passage of the bill fulfills the coalition Government’s pledge to alleviate the financial strain felt by many New Zealanders amidst a prolonged cost…

This shift redirects funds to create approximately 1,500 new social housing units through external organisations rather than Kāinga Ora, the state housing agency. While existing applications for the grants will be processed, no new applications will be accepted immediately. Housing Minister Chris Bishop defended the move, explaining that the reallocation…

The report specifically warned against borrowing that is not fully funded. The pandemic and subsequent spending overruns have significantly deteriorated New Zealand’s fiscal health, leading to a permanent rise in the government spending to GDP ratio. To address this, the OECD recommended a gradual approach to returning the government’s budget…

Emphasizing the necessity for a restrictive monetary policy until inflation aligns with the central bank’s target range, the OECD also calls for prudent government spending to fortify the country’s fiscal position. The Reserve Bank of New Zealand (RBNZ) has stood firm on its decision to maintain a 5.5 per cent…

With too many individuals vying for too few job opportunities, the landscape of employment is undergoing a profound transformation. Economists and policymakers alike are bracing for the inevitable rise in unemployment, with expectations hovering around 4.2 per cent by the end of March—a significant uptick from the current 4 per…

As winter approaches, retailers in New Zealand are facing a challenging economic landscape, with bleak trading prospects casting a shadow over the industry’s outlook. According to a recent Retail NZ report, a significant portion of retail businesses are expressing concerns about their ability to navigate the next 12 months, with…

1 April 2023 – 31 March 2024 When an accountant prepares and files a tax return in New Zealand there are a number of areas where Inland Revenue (IR) focuses their attention should they choose to scrutinise that return. When a tax return is flagged for a review or audit,…