Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Has New Zealand reached peak financial hardship?
The early signs of improvement in household finances are starting to show and the number of people struggling is peaking, according to a credit bureau.
NZ signs trade deal with Costa Rica, Iceland and Switzerland
Trade and Agriculture Minister Todd McClay has signed a pioneering trade agreement that prioritises New Zealand’s sustainable exports at a ceremony during APEC in Peru today. “The Agreement on Trade and Sustainability (ACCTS), between Costa Rica, Iceland, and Switzerland was concluded in July of this year and opens up significant economic opportunities for New Zealand businesses by eliminating tariffs on key sustainable goods and services,” Mr McClay says.
Taking the economy’s pulse – in nine charts
Our economy is stabilising at best with inflation at target and likely to stay there. House price expectations remain unchanged and there is little to stand in the way of interest rate declines.
Banks to start rolling out Confirmation of Payee in November
New Zealand’s retail banks will start rolling out the new Confirmation of Payee service by the end of November this year, says the New Zealand Banking Association. It will be a phased delivery to customers to ensure proper testing and customer satisfaction.
Unlocking ‘lazy’ capital to build new infrastructure for our future
New Zealand’s infrastructure gap is significant, and the long-term capital required to address it is a heavy burden for both central and local governments to bear alone. To overcome these challenges, we need to tap into capital. New Zealand needs new infrastructure to improve public services and stimulate economic growth, and one solution lies in unlocking the ‘lazy’ capital tied up in existing public assets, according to a new report by Infrastructure New Zealand and Aurecon.
Upgrades to the Tenancy Bond service
Tenancy Services are upgrading the tenancy bond service and changing how they deliver services. Bond lodgements are changing at the end of November and other changes to bond services are to come.
Fuel importers ‘ready for international shocks’
As the Government carries out a fuel security study, one of New Zealand’s largest fuel suppliers has done its own analysis of how secure our reserves are in the event of a worst-case scenario.
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