Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Guidance on fair pay agreements
The government released guidance on fair pay agreements, which are designed to improve wages and working conditions for employees in industries with low levels of unionization. The guidance outlines the responsibilities of employers and employees under the new agreements.
New Zealand’s wealthiest 1% paying fair share of taxes, study finds
Contrary to popular belief, a new study has found that the wealthiest 1% of New Zealanders are paying their fair share of taxes. The study suggests that efforts to address income inequality should focus on improving access to education and reducing barriers to employment.
Reserve Bank of New Zealand unlikely to follow Australia’s interest rate pause
Despite the recent interest rate pause by the Reserve Bank of Australia, the Reserve Bank of New Zealand has signalled that it is unlikely to follow suit, stating that it is focused on supporting economic growth and maintaining financial stability.
ASB Bank predicts deeper and longer recession
A new report from ASB Bank predicts that New Zealand’s economy will experience a deeper and longer recession than expected. The report suggests that the government may need to implement additional support measures to help businesses and households weather the economic downturn.
National median house price drops by 12.9% year-on-year
The national median house price in New Zealand has fallen by 12.9% from a year ago, according to new data from the Real Estate Institute of New Zealand (REINZ). The drop in prices has been attributed to a combination of factors
New Zealand retailers struggling to meet sales targets
A new report shows that more retailers in New Zealand are struggling to meet their sales targets and may need to focus on improving their online presence and supply chain resilience to survive in the current environment.
Tai Rāwhiti businesses struggle to recover from Cyclone Gabrielle
Tai Rāwhiti businesses require more help than what’s available in the form of grants and other financial support as they recover from the impact of Cyclone Gabrielle. The local government has urged businesses to seek out available support and assistance to help them get back on their feet.
Government instructs banks to make it easier for teens to access bank accounts
A report found that teenagers are often unable to access bank accounts, with some forced to use their parents’ accounts or go without banking services altogether. New rules are meant to change that since most banks no longer have school banking programmes.
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