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,…

The recent BDO Business Wellbeing Index, capturing insights from over 650 business leaders, suggests a lot of wavering confidence and apprehension in the markets. Following the election, a surge of positivity swept through the business community, with 61 per cent expressing optimism about their performance. However, this euphoria has since…

In March, retail spending in New Zealand fell by 0.7 per cent compared to February, following a 2 per cent decline in the previous month. This downward trend, characterized by Westpac senior economist Darren Gibbs as “very weak,” underscores the challenges facing the retail sector. Despite a 3 per cent…

This decline in residential construction activity reflects broader challenges facing the housing sector and the economy as a whole. According to Statistics NZ, only 36,276 new dwellings received consent during this period, marking a notable decrease of 24.8% compared to the preceding year and 27.2% compared to the year ending…