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NZ Dodges Recession with Strong Economic Growth

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The New Zealand economy grew by 1.7% during the June quarter, confirming that the country has managed to defy the odds and not go into a recession. This has been a positive result following a poor showing in the March quarter that saw the economy decline by 0.2%. Financial experts…

Cyber Scams Becoming Increasingly Sophisticated

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The NZ Superannuation Fund has reported incidents of scammers impersonating the fund online in a bid to defraud people of their money. The cons involve offering savers access to cryptocurrency investments. There was also an incident whereby the scammers used fake names and images to appeal for investments in the…

New Zealand Government Scraps Plans for New KiwiSaver Tax

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Following much criticism and uproar from finance professionals, opposition politicians, the fund sector, and the general public, the government has halted plans to boost GST on fees for managed funds and KiwiSaver which would have increased tax collection by about $225 million a year, from 2026. This would come from…

Tax Break for Long-Term Rental Investors

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Housing minister, Megan Woods, has announced a change in rental housing policy that will allow landlords to enjoy tax breaks if they meet a certain criterion designed to promote access to affordable long-term rentals for kiwis. Landlords that own 20-plus units in one development and that offer tenancy agreements of…

Kiwis Investing More Despite Volatile Economic Times

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In a new report from the Financial Services Council (FSC) titled “Money and You: Investing in Volatile Times”, it has been found that there is a growing number of New Zealanders that are choosing to invest in financial products. About 4 in 5 Kiwis were found to be doing so,…

Top NZ Banks Lower Home Loan Rates

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Over the last few days, three of New Zealand’s top banks have announced a reduction in their home loan rates. All this while multiple central banks across the world hike interest rates in an attempt to tame inflation. ANZ, BNZ, and Westpac have all recently slashed their home loan rates,…

Small Business Wage Increases Match Inflation

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According to the Small Business Index report generated by online accounting software firm Xero, small businesses have increased wages by 6.8% annually. This comes close to matching the year-on-year annual inflation rate recorded in June of 7.3%. The wage hike is the highest since the series began in January 2017,…

Inflation Hits Highest Level in Three Decades

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A report by Statistics New Zealand has found that the consumer price index (CPI) has risen 7.3% in the second quarter of the year, up from 6.9% in the first quarter. This is the fastest increase on record since June 1990 when the CPI rose by 7.6%. The CPI rose…

RBNZ Hikes Benchmark Interest Rate To 2.5percent

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In another attempt to control inflation, the Reserve Bank of New Zealand (RBNZ) has raised the benchmark interest rate by half a percentage point to 2.5%. This is the third time this year, following similar hikes in April and May, that the RBNZ has raised the official cash rate by…

Australian Tax Breaks Luring Away NZ Gaming Businesses

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There is growing concern that gaming companies are already either in the process of relocating some or all of their operations to Australia or contemplating the same following the introduction of tax breaks aimed at growing the industry. Last year, the Australian Government announced a A$1.2 billion package to boost…