Most businesses have been found to be complying with the government’s wage subsidy scheme. The Ministry of Social Development’s (MSD) team of 100 fraud investigators has been carrying out random audits of the 759,000 applicants who received money from the $14 billion fund. Documents released to RNZ under the Official Information Act show that of […]

The increasing value of property has seen two commercial investment companies report robust half-year results, after portfolio revaluations. Kiwi Property reported a $54.2 million profit, an increase of 47.5 percent, which included an $11.8m fair value uplift in the value of its properties. Goodman Property Trust reported a $176m after-tax profit, which included valuation gains […]

Consumer spending rebounded at record pace in the third quarter as pent up demand caused by Covid-19 lockdowns resulted in a surge in buying cars and electronics. Official numbers from Stats NZ showed retail sales volumes, which exclude price moves, rose 28 percent in the three months ended September, following a drop of more than […]

The magnitude of the pandemic hasn’t taken the cheer out of the summer holiday season, with more than half of New Zealanders planning to spend as much this year as they did last year. A survey of 777 consumers by professional services firm Accenture indicates nearly one-in-six were feeling more optimistic and will spend more […]

The global pandemic has New Zealand wool carpet manufacturers spinning, with demand increasing from customers here and in the US. Over the past decade, wool carpets have lost ground to synthetic floor coverings with national sales dropping from 80 percent of the market to only 15 percent now. But Godfrey Hirst general manager Andre May […]

The Reserve Bank (RBNZ) is warning about the threats posed by a sharp fall in house prices or a rise in unemployment. In its six-monthly financial stability report the governor, Adrian Orr, said the big financial shocks from the pandemic have yet to be felt because of various official support measures. “The relatively resilient economic […]

With the border remaining closed to seasonal workers, cherry growers fear huge losses during January’s peak harvest time. In the run-up to Christmas, orchards hope to entice local labour with free food and higher wages. But the growers fear that won’t be enough to secure the several thousand people needed during the busiest picking time. […]

Reserve Bank governor Adrian Orr says the central bank wants to introduce debt to income ratios in New Zealand. It comes in the wake of a letter from Finance Minister Grant Robertson to the RBNZ suggesting a change to the rules under which it operates, to take heed of the impact of any monetary policy […]

New Zealand has posted its biggest annual trade surplus in 28 years as Covid-19 led to a sharp fall in imports. Official numbers show a surplus of $2.2 billion for the year ended October, the biggest since July 1992. The surplus was driven by a 10 percent slump in imports during the period, notably in […]

Businesses are being advised to get up to speed with changes to the Privacy Act, which come into effect on 1 December. The new law would require businesses, sports clubs and other organisations that collect personal data to have a privacy policy and officer in place. The new Act gives the Office of the Privacy […]