Tag: Economy

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New Zealand Raises Minimum Wage and Increased Taxes On The Rich

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The minimum wage for New Zealand has officially increased by 5%, now at $20. Many sectors of work have been affected by the Covid-19 pandemic, mostly those in hospitality, tourism, retail and construction. The people most likely to be affected by the Covid19 pandemic are the same people who are…

Financial Sector Hit By New Climate Change Reporting Law

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New Zealand’s financial firms may soon be required to make disclosures on how climate change is impacting their investments and how they are managing climate-related risks and opportunities. This follows the introduction of new legislation that would require institutions like banks, insurance and investment firms to report on their climate…

Hope Dims for Simon Bridges’ Tax Bracket Bill

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The proposed Income Tax (Adjustment of Taxable Income Ranges) Amendment bill seems likely to fail following reports that the Labour Party would not support it. Deputy Prime Minister, Grant Robertson, stated that it was not on the agenda. With Labour already the majority in parliament, a lack of support here…

The IMF Warns New Zealand over High House Prices

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New Zealand’s relative success in handling the pandemic has been looked upon with envious eyes by many other nations. Their quick and effective reaction to the threat has helped to significantly minimise the effect on their economy and their recovery is also happening at a faster pace than most other…

New Zealand’s Inflation Rate Shows Promising Sign

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New Zealand’s inflation rate is now expected to hit the Central Bank’s target more quickly than was initially thought, signalling a healthier post-pandemic recovery period. The yearly inflation rate held stable during the fourth quarter of last year – a substantially better outcome when compared to the prior estimates of…

NZ Housing Market’s Hot Streak Continues Despite Recession Fears

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Despite the dampening effect the pandemic has had on the global and local economy, the housing sector has managed to thrive. Even with the country likely to dip into another recession in 2021, NZ is experiencing the highest housing boom in 20 years with a record share of properties being…

NZ Anticipates Boost To Economy With UK Bid To Join CPTPP

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Following Brexit, the UK has now opted to pursue new trade alliances, with the Comprehensive and Progressive Agreement of Trans-Pacific Partnership (CPTPP) next on their agenda. The government, led by its Trade Minister, Liz Truss, has begun the process by formally making a request to officials from New Zealand and…

Queenstown Tourism Economy Struggles Amid Lack Of International Visitors

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Queenstown Lakes Mayor, Jim Boult, anticipates that many businesses could end up boarded up by the time international visitors return to the tourism hub. This is supported by a recently released report by the Treasury that indicates that Otago and Southland will be amongst the hardest hit regions by the…