Weekly Digest – 15 February 2023

Weekly Digest – 15 February 2023

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

House prices are steadily declining almost everywhere

According to Quotable Value, the average value of New Zealand homes is declining by about $10,000 a month. So far, Queenstown-Lakes was the only area where prices went up from last year, but they have also started falling.

Air passengers are urged to delay travel if possible

Due to Cyclone Gabrielle, Air New Zealand travellers are asked to take advantage of the airline’s flexibility policy if they can delay travel.

Insurance claims will cause building delays

With insurance claims already numbering in the tens of thousands following Cyclone Gabrielle, customers are being warned that building delays are inevitable as insurers work through them all.

Services sector increases

The BNZ-Business New Zealand Performance of Services Index (PSI) increased by 2.5 points last month to 54.5. In other words, the services sector expanded faster than expected in January – a positive sign for the economy.

Traffic volume suggests a possible economic slowdown

The ANZ Truckometer survey showed the Heavy Traffic Index lifted 0.8 per cent in January, while the Light Traffic Index fell 0.7 per cent. It’s not yet known if this signals a recession or just a visible change in habits post-covid.

Food prices continue to climb

New figures from Stats NZ revealed what we already know: food prices were 10.3 per cent higher in January 2023 than they were a year earlier. Grocery food saw the highest climb, with cheese, eggs, and potato chips all more expensive.

Retailers say the new minimum wage makes it challenging to maintain relativities

With the minimum wage set to rise by $1.50 on April 1, some retailers say it is difficult to keep a fair wage differential between junior and senior staff. They suggest other ways the government could help with the cost of living.

National house sales slump to the lowest level ever

National house sales hit a record-breaking low last month – they reached the lowest level since the Real Estate Institute began keeping records in 1992.

Disney cutting 7000 jobs

Reinstalled Chief Executive Bob Iger is seeking to cut $5.5 billion USD from its annual costs to drive profits. He is also under pressure to make Disney+ profitable and find new ways to monetise the Disney catalogue.

Australian psychiatry professor seeks to redefine burnout

Gordon Parker, the founder of the Black Dog Institute, argues that burnout is not just a syndrome resulting from chronic workplace stress that has not been successfully managed. Instead, it’s a more wide-ranging condition that must be redefined to learn how to prevent it.

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