Weekly Digest – 05 June 2024

Weekly Digest – 05 June 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Budget 2024: What business sector leaders think of it

BusinessNZ chief executive Kirk Hope said this year’s Budget was a responsible one for the times with spending in areas that lay a pathway for potential economic growth. That was the general view from a number of the country’s business sector leaders.

Was interest rate pain really needed?

The Reserve Bank has been battling to get New Zealand’s rate of inflation down for coming up on two years. The official cash rate (OCR) has lifted from a Covid low of 0.25 percent to 5.5 percent as the bank sought to reduce the amount of money New Zealanders had to spend – and push up prices. That has taken interest rates with it, putting the squeeze on indebted households and borrowing businesses. But did it have to be that way?

Public consultation launched on International Visitor Conservation and Tourism Levy

The government is seeking feedback on whether to increase the International Visitor Conservation and Tourism Levy (IVL), by how much, and how the revenue should be spent.

DTIs and LVRs unpacked: What these acronyms could mean for you

This week was the first time some people had heard of DTIs and LVRs – but a mortgage adviser says they’re basically just the Reserve Bank’s way of helping people avoid unmanageable debt.

How young business owners are holding up in this economy

Along with experiencing a cost of living crisis, New Zealand is currently in a recession, because our economic activity has dropped for the past six months. Joanna Hall has been a senior policy advisor at the Employers and Manufacturers Association (EMA) for over six years so I asked her how young business owners are currently holding up.

Commerce Commission approves lift in power transmission charges

The Commerce Commission says it will let national grid operator Transpower and local lines companies increase power transmission charges, which will mean an extra $15 a month for the average residential customer starting from April next year.

Less might mean more for the economy in this year’s budget

Business Canterbury Chief Executive, Leeann Watson says “This Budget was an opportunity for the new Government to present a clear roadmap away from the inflationary conditions that are hurting right now, and make targeted investments that will enable businesses to grow our economy out of recession.” “In a survey of over 400 businesses released earlier in the week, businesses told us that delivering outcomes in infrastructure, health, education and law and order should be prioritised. It appears this has been the case, with the Government delivering a no-frills Budget that appears to be focused on getting back to the basics.

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