Tag: Economy

Cryptocurrency Scams Targeting Millennials

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Crypto scams are now on the rise, with scammers seemingly setting their sights on younger demographics. A recent press release from Consumer NZ highlighted the case of a tax accountant in Auckland who lost $100,000 to such a scheme. The woman identified as Rachel was approached through a dating site.…

Westpac NZ Records $1.01B Profit as Its Share Value Tanks

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November 1 was a mixed bag of results for Westpac that announced it had made an annual profit of $1.01 billion over the last year ending in September 2021. This profit was a 56% increase on that of the previous year, a margin higher than the 39% increase recorded by…
tax

NZ Tax Incentives For Economic Recovery

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New tax incentives encourage individuals and businesses to spend for economic recovery. The effects of the Covid-19 pandemic have affected the world economy and in New Zealand, many people have suffered its effects. A year ago, in September 2020, New Zealand entered a recession. Many sectors including retail, hospitality, transportation…

Q2 GDP Surge Exceeds Expectations

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Stats NZ has announced that the economy grew by an unprecedented 2.8% in the second-quarter ending in June. Economists had earlier predicted growth of between 1.1 to 1.5%, comparable to the 1.4% growth registered in the first quarter that ended in March this year. The Reserve Bank of New Zealand…

Economy on pause due to lockdown

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New Zealand’s response to the Covid-19 pandemic was praised around the world. However, the new Delta variant of the virus has thrown a spanner in the works. New Zealand entering level 4 lockdowns and the volatility of the strain of virus has thrown some uncertainty into the economy. Although lockdown…
export

NZ Tech Sector Growth Hampered by Shortage of Skilled Workers

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The tech sector has delivered many benefits to the New Zealand economy. From creating jobs to boosting growth in weightless exports, the industry has also proven helpful in ramping up the digital transformation of the economy. As per 2019 data, the sector is served by 21,870 companies and 114,450 employees.…

Government Tightens Lending Rules To Curb Housing Crisis

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The steep increase in New Zealand property prices has led to a housing crisis. Market figures indicate prices have risen by about 30% over the last year due to record-low interest rates and cheap access to capital thanks to the government’s stimulus spending. With more Kiwis returning home due to…
inflation

NZ Reserve Bank Signals Normalizing Of Interest Rates In 2022

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The Reserve Bank has retained the official cash rate (OCR) at 0.25%, in keeping with the government’s stimulatory support for the economy. It has however also hinted at a possible one 25-basis-point rate increase as early as September of next year and a further 150-basis-point hike by 2024. This would…

Business Sector Hopes For 2021 Budget

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As the nation digests the latest budget, the business sector is already weighing in on areas it hopes the government will focus on. Businesses are hoping for stronger spending on infrastructure that will support economic growth. BusinessNZ chief executive, Kirk Hope, supported this action and called for the government to…