Weekly Digest – 3 May 2023

Weekly Digest – 3 May 2023

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

New Zealand’s business owners coping with stress well

A study from Xero’s global small business platform suggests New Zealand small business owners are coping with stress well. Compared with small business owners in other countries, New Zealand’s business owners ranked third in overall well-being and first for overall life satisfaction.

Qube breaks into New Zealand market

Qube Holdings secured a 50 per cent stake in New Zealand-based shipping company Pinnacle. The company also fully acquired Kalari Proprietary for a total of $145 million between the two deals. The moves allow Qube to enter the New Zealand container logistics market.

Flights between Auckland and China ramp back up

As the tourism industry looks to recover from the pandemic, flights between Auckland and China will ramp back up. Air New Zealand will begin flying daily from Auckland to Shanghai, while Air China will fly four times a week between Auckland and Beijing. In all, around 6,500 seats per week will move between Auckland and China.

More efforts needed to increase productivity in New Zealand

A report from the Productivity Commission said the government and business sector need to do more to increase New Zealand’s productivity. Following an initial report in 2021, the commission said not much had changed in two years and more radical, innovative efforts would be needed.

Property Press closing down

After 45 years in business, one of the best known real estate publications in New Zealand is closing down. Property Press announced it would cease publishing within the week after sending final issues to print.

New Zealand banks have little risk related to interest rate increases

Following the collapse of some US banks, the Reserve Bank of New Zealand said banks in the country face little risk due to increasing interest rates. New Zealand banks are required to hold enough capital to cover potential losses.

New Zealand’s cost of living remains high

High food and housing costs drove inflation across all household groups in New Zealand, according to Stats NZ. In the 12 months to March 2023, the cost of living for the average household increased by 7.7 per cent. That follows an 8.2 per cent increase in the 12 months to December 2022.

National to offer incentives for nurses and midwives

National leader Christopher Luxon said his party would pay off $4,500 a year from the student loans of nurses and midwives if they agreed to work in New Zealand for five years after they graduate. Those who have graduated in the last five years could apply for incentives on a pro-rata basis.

Homeowners falling behind on mortgage payments

Data from Centrix showed the number of households behind on their mortgage repayments is up 26 percent from this time last year. As many as 19,300 accounts are past due. Meanwhile, consumer arrears rose to around 427,000 people.

New Zealand universities cutting jobs

AUT has cut several hundred jobs following a loss of revenue linked to a significant decrease in international students. Otago University has also proposed cutting hundreds of jobs, and other universities are expected to follow suit.

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