Weekly Digest – 19 July 2023

Weekly Digest – 19 July 2023

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

Cash flow woes a big hurdle for small business success

Cash flow is essential for any business, but especially for small businesses. A new survey conducted by Xero shows many of those small business owners are not paying themselves in order to keep their operations afloat.

Exporting gets easier with online application

If you are an exporter, you can save time and money at the border by applying to join Custom’s Authorised Economic Operator Secure Exports Scheme.

Food prices spike to 36-year highs, up 1.6% percent in June on month before

Food prices have spiked back to 36-year highs, driven by surging vegetable costs. Annual food inflation picked up to 12.5 percent, equalling April’s rate and the highest since 1987 when GST was brought in.

Consultation opens on anti-competitive land agreements

The Ministry of Business, Innovation and Employment (MBIE) has opened consultation on a review into anti-competitive land agreements across the wider economy. This review will focus particularly on whether land agreements are being used in a way that make it harder for new businesses to enter a market, or for existing businesses to expand.

Banks launch three new hubs in regional banking trial

Three new regional banking hubs will open from this week as part of the latest phase of the regional banking hub trial led by the country’s six biggest retail banks. The three new hubs will be in Waimate, Whangamatā and Ōpōtiki.

Why NZ food can be cheaper overseas than here

Overseas, consumers are indulging in New Zealand-made products at a cheaper price than back home. While experts say a lot of times overseas grocers could be selling the products at a loss, it still poses the question – why is food made in New Zealand often more expensive than it is overseas?

Impact of higher interest payments hits home for more borrowers

Households are expected to spend more money on debt servicing costs as many borrowers roll onto higher mortgage rates, a Westpac economist says. An economic update from the bank said an increasing number of borrowers were now rolling onto higher mortgage rates, with about 50 percent of all mortgages forecast to be repriced this year, likely at higher rates.

Federated Farmers wants Environment Southland to ‘stop doing the Government’s dirty work’ with winter grazing regulations

Southland Federated Farmers wants Environment Southland to ‘’make a stand and refuse to do the Government’s dirty work’’ with winter grazing regulations, but the regional council says it is legally obliged to enforce the rules.

Reserve Bank’s measures to cool economy pose challenges for retailers

Shoppers have pulled back from big ticket spending as RBNZ’s inflation-busting moves hit home.

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