Weekly Digest – 28 August 2024
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Economic pressures drive unprecedented stress and burnout for Kiwi SMEs
New research reveals that seven in ten (70%) SMEs are feeling stressed and burnt out, made more alarming given that SMEs make up 97% of all businesses in New Zealand.
Here’s where the economic downturn has hit hardest
New Zealand’s economic crunch is deepening and things are likely to get worse before they get better, a new report suggests – but the effect of the downturn hasn’t been felt evenly across the country.
Price rise warning for gas customers as wholesale power crunch continues
Things are looking grim in particular for gas users as the wholesale power crunch continues, Powerswitch says. The electricity sector has been hit by a surge in wholesale power prices due to a shortage of gas supplies and a dry winter.
Unemployment woes loom as New Zealand’s economy faces dual challenges
In a period marked by complex economic dynamics, recent analyses from ASB and Auckland University of Technology (AUT) highlight a nuanced outlook for New Zealand’s economy. While ASB projects a potential easing of economic pressures with falling inflation and interest rates, AUT’s latest findings paint a more cautious picture, pointing to a possible worsening of unemployment.
Economic recovery: Is this time different?
Now that the official cash rate has been cut, with expectations of further reductions through next year, most forecasters are predicting a gradual economic recovery. But economists at the country’s largest bank say things could be different this time.
New Zealand’s economy shifts as inflation eases and rates drop
Recent economic indicators suggest that New Zealand may be entering a period of easing economic pressure as inflation shows signs of slowing and the Reserve Bank of New Zealand (RBNZ) begins cutting interest rates. The latest ASB Quarterly Economic Forecast, along with the RBNZ’s latest moves, indicates a potential shift in the country’s economic landscape.
Interest rate fight: Which bank is the king of cuts?
Turn on the TV and it’s clear the banks want your mortgage. ANZ is rocking out to The Clash’s Should I Stay or Should I Go – a not-so-subtle hint to homeowners who have mortgages with rival banks. The mood on interest rates has changed quickly.
E-commerce soars in Australia & NZ amid rising data concerns
Online shopping has become a significant part of the retail landscape in Australia and New Zealand, according to the Australian and New Zealand Ecommerce Report 2024 released by IAB Australia and Pureprofile. The report indicates that 83% of Australian online shoppers and 77% of New Zealand online shoppers make online purchases monthly.
Espresso unloved? New Zealand’s shrinking café scene
Tougher economic times and staff shortages appear to be shrinking the number of cafés and restaurants operating in New Zealand. Stats NZ data shows that last year was the first time in more than 20 years that the number of cafés and restaurants shrank compared to the year before.
More than a quarter of paid parental leave recipients get tax bill
Nearly 30% of people who take paid parental leave are then sent tax bills, Inland Revenue data shows. Tax data from Inland Revenue shows that the number of people who had been on paid parental leave in the last tax year and ended up with a bill was on par with recent years.
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