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Concerns As More Investors Choose Oil And Gas Projects

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A report from the sustainable finance charity, Mindful Money, found that investment in the fossil fuel industry for the financial year ended in September 2022 has nearly doubled over that year and grown its core businesses by a substantial 80%. KiwiSaver and other retail investment funds were found to be…

ACT Policy on Contractors Comes Under Fire

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ACT party leader, David Seymour, recently announced a proposal to have the Employment Relations Act amended so that independent contractors may not be regarded the same as employees and thus unable to challenge their employment status in court. This proposal comes months after the Employment Court made a judgement in…

New Zealand Slips into Technical Recession

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Statistics NZ has confirmed that the economy contracted in the March quarter by 0.1%, making this the second consecutive quarter when GDP fell. This slim decline puts the country’s economy into a technical recession and reduces the likelihood that the central bank will need to hike interest rates further. This…

Kiwis Brace for Higher Prices on Alcohol

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The government has announced that there will be a 6.65% increase to the alcohol excise tax next month that brewers are warning will lead to higher prices and the possible demise of boutique breweries and wineries. The tax has been increased on an annual basis for more than 30 years,…

Big Firms Urged To Support SMBs Via Prompt Payment

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Xero NZ country manager, Bridget Snelling, has challenged big businesses to shorten their payment times to small businesses to help them overcome the increasingly challenging economic situation and enable the economy to better grow. Her comments at a recent trans-Tasman meeting come shortly after a study done by the Institute…

Government Announces Budget Deficit

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The Labour government is expected to curb spending in its upcoming “no-frills” budget following a larger-than-expected budget deficit forecast. Government coffers are set to take a major hit as plans are made to rebuild infrastructure following recent severe weather events and social welfare assistance is extended to those struggling to…

Commerce Commission Cracks Down on Undue Surcharges

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The Commerce Commission has reportedly raised concerns with many large businesses over their excessive level of surcharges on customers using contactless payment methods. The commission has confirmed that it has written to many large firms on the issue, particularly when it came to those swiping or inserting their debit cards.…

Small Business Sector Optimistic Despite Recession Fears

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The 2022-2023 Asia Pacific Small Business Survey by CPA Australia has found that 40.3% of New Zealand’s small businesses expect the national economy to grow, while 43.2% expect it to shrink in 2023. While this is the second lowest result among the 11 Asia Pacific economies surveyed, 65.6% of these…

National Pegs Hopes on Build-to-Rent Policy

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Rent levels in New Zealand have risen substantially according to recent Trade Me Property data. The national median weekly rent rose to $595 in January, up by $25 a week or 4% from last year. This follows the national median having stagnated at $580 in the previous three months. According…