Real estate, car sales hit by storms, 'worst since covid'

The perfect storm: weather, economy and government intervention. (Image: Getty)

Mon, 06 Mar 2023

Flooding and Cyclone Gabrielle put the brakes on both vehicle and housing sales last month, sparking references to a "perfect storm" by dealers in both markets.Last month, new car registrations were down 23.7% year-on-year at 2,960 units, the lowest sales figures for any month of February in nine years.Combined with the impact of government 'clean car' taxes on heavier vehicles, sales of commercial vehicles were down almost a third, at 1,574 units, compared to last February. Motor Industry Association (MIA) chief executiv...

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Economy

ANZ increases cash profit as net interest margins get squeezed

ANZ New Zealand has reported a 4% increase in its half-yearly profit despite pressure squeezing its margins.The bank's cash profit increased to $1.15 billion in the six months to March, up from $1.1b in the same period last year, but stable compared to the second half of its...

Riley Kennedy 10:50am

Law & Regulation