Tag: Reserve Bank of New Zealand

Demand for Consumer Loans on The Rise

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With inflation and interest rates on the rise, it comes as no surprise that more people are struggling to manage tighter household budgets. According to a new Credit Indicator report released by credit bureau Centrix, consumer arrears rose by 5% in October as compared to a year before. There was…

Reserve Bank Warns That A Recession Is Coming

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The Reserve Bank of New Zealand (RBNZ) announced that it had raised the official cash rate (OCR) by 75 basis points to 4.25%. This is the biggest hike it has carried out since the global financial crisis of 2008 and considerably higher than the market had anticipated. The RBNZ is…

Research Shows Cash Hoarding On the Rise in New Zealand

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According to research done by the Reserve Bank of New Zealand (RBNZ) – Te Pūtea Matua, there has been a significant dip in the number of people using cash for everyday purchases. The survey found that just two-thirds of Kiwis were actively using cash daily, compared with nearly the entire…

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…
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NZ’s Biggest Tax Fraud Cheat Sentenced

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The country’s biggest tax fraudster has this week been sentenced to a term of eight years and six months. John Bracken, a Matawai farmer and an exporter, has been convicted of carrying out a crude but effective $17.4 million tax scam in the form of GST refunds he was not…
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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…

Westpac NZ Considers Exit As RBNZ Banking Regulations Tighten

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The news that Westpac is considering a demerger has come as a surprise to many. Westpac NZ is the third biggest bank in the country and has proven a highly profitable arm for the parent group. Besides being the NZ government’s banker, it caters to a customer base of 1.3…