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

NZ economy narrowly escapes recession, GDP falls 0.2%

New Zealand’s gross domestic product (GDP) fell 0.2% in the June 2024 quarter, narrowly escaping technical recession after a downward revision to the March quarter.

Canadian energy company eyes oil and gas in Taranaki

A Canadian energy company will be in the country next week for a close inspection of possible oil and gas investment in Taranaki region. Monumental Energy said it would work with the New Zealand Energy Corporation (NZEC), which it owns close to nine percent of, to look at new exploration and development projects.

Overseas Building Products Bill introduced

Earlier this month, the Building (Overseas Building Products, Standards, and Certification Schemes) Amendment Bill (the Bill) was introduced to the House. The Bill introduces changes to the Building Act which will reduce barriers to using quality overseas building products in building work throughout New Zealand.

Trade Ministers discuss next steps for CER

Trade Minister Todd McClay hosted Australian Trade Minister Don Farrell for the annual Closer Economic Relations (CER) Trade Ministers’ meeting in Rotorua this weekend.

ACC levy consultation open for feedback

ACC’s levy rates allow New Zealanders to benefit from a world-class scheme. Levies are reviewed every three years to make sure we’re collecting enough to cover the cost of future injuries and the amount paid by levy payers reflects the level of risk. Have your say on this year’s proposed changes to levy rates and the levy system, some of which will impact businesses.

Are airfares really getting cheaper?

Air New Zealand chief executive Greg Foran told RNZ in August that fare prices on average were down and were driven by supply and demand. Stats NZ data backs that up – but while prices are down 23% on average from the peak for international airfares, and 13% for domestic, they are still up more than 50% from their lowest point, just before Covid hit.

An economy in decline no surprise to business community

The Employers and Manufacturers Association (EMA) says news that the economy is in decline will be no surprise to the business community. “We know businesses are continuing to struggle,” says EMA Head of Advocacy Alan McDonald.” Calls to our AdviceLine for assistance around restructuring and redundancy continue at comparatively high levels while the number of insolvencies for New Zealand companies in the second quarter of 2024 was the highest in eight years. Unemployment continues to tick up.”

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