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UPDATE: RBNZ's Orr sees a 'resilient' financial system but some elevated risks
Jenny Ruth | Tue, 28 May 2019

(Updates story throughout with further details and comment) By Jenny Ruth May 29 (BusinessDesk) - Reserve Bank governor Adrian Orr is less concerned about housing loans but is still fretting about a third of dairy debt and is also flagging the rapid growth in lending to the...

NZ beef exporters recover lost market share in Japan as CPTPP kicks in
Pattrick Smellie | Tue, 28 May 2019

By Pattrick Smellie May 27 (BusinessDesk) - Beef and sheepmeat exporter ANZCO says sales in the Japanese frozen beef trade are recovering, thanks to tariff reductions for New Zealand produce under the Comprehensive and Progressive Trans-Pacific Partnership that allows local pr...

Bridges claims huge Budget details leak: Treasury investigating
Pattrick Smellie | Tue, 28 May 2019

By Pattrick Smellie May 28 (BusinessDesk) - The Treasury is investigating the leak of spending decisions relating to 18 of the government's 40 departments and agencies in what appears to be the largest breach of Budget secrecy since the entire Budget was leaked in 1986. Com...

NZ can play role in minerals-intensive shift to low-carbon - Parker
Gavin Evans | Mon, 27 May 2019

By Gavin Evans May 28 (BusinessDesk) - The global shift to a lower carbon economy will require greater development of mineral resources and New Zealand is well-placed to show how that can be done, Economic Development Minister David Parker says. Rapidly developing energy te...

Will ditching the CGT have revived business spirits?
Jenny Ruth | Sun, 26 May 2019

By Jenny Ruth May 27 (BusinessDesk) - Amid an action-packed week for business news, a key piece of information will arrive on Wednesday afternoon when ANZ Bank's latest business confidence survey shows whether Prime Minister Jacinda Ardern's decision to drop a planned capital...

Reaction to Budget rules relaxation shows balance 'about right', says Ardern
Pattrick Smellie | Fri, 24 May 2019

By Pattrick Smellie May 24 (BusinessDesk) - The government's decision to relax its Budget Responsibility Rules has attracted a balance of positive and negative criticism, suggesting it's pitched about right, said Prime Minister Jacinda Ardern in a speech to an Auckland busines...

Annual exports to China top $15 billion for first time
Rebecca Howard | Thu, 23 May 2019

By Rebecca Howard May 24 (BusinessDesk) - Annual exports to China jumped 22 percent in April to top $15 billion for the first time, amid growing demand for beef, lamb, logs and dairy products.  Exports to China now account for about a quarter of New Zealand's international...

BUDGET 2019: NZ debt target to be more flexible from 2022
Rebecca Howard | Wed, 22 May 2019

By Rebecca Howard May 23 (BusinessDesk) - The government remains committed to reducing net debt to 20 percent of gross domestic product by 2022 but plans to shift to a target range rather than a single figure, says the finance minister.  "At this point, we are looking at a...

NZ first-quarter retail sales grow 0.7%, slightly better than expected
Rebecca Howard | Tue, 21 May 2019

By Rebecca Howard May 22 (BusinessDesk) - New Zealand's retail sales were slightly higher than expected in the first quarter amid increased spending at department stores and on hardware and building supplies. Retail sales volumes rose a seasonally adjusted 0.7 percent in th...

Weak services sector growth raises concerns about NZ economic slowdown
Rebecca Howard | Sun, 19 May 2019

By Rebecca Howard May 20 (BusinessDesk) - New Zealand’s services sector activity slipped further in April, touching the lowest level in more than six years and adding to concerns about an economic slowdown.  The BNZ-BusinessNZ performance of services index fell 0.5 of a poi...

National sticks to bob-each-way on US-China relations in new policy paper
Pattrick Smellie | Sun, 19 May 2019

By Pattrick Smellie May 20 (BusinessDesk) - The National Party proposes ambitious new trade targets for New Zealand's relations with both China and the United States in a foreign affairs discussion document released this morning for public consultation. Overseen by foreign...

Bankers' Assn says RBNZ bank capital proposals would hurt the economy
Jenny Ruth | Sun, 19 May 2019

By Jenny Ruth May 20 (BusinessDesk) - The New Zealand Bankers' Association is calling for a rethink of the Reserve Bank’s bank capital proposals to avoid hurting the economy. “Independent analysis by former Treasury Secretary Dr Graham Scott shows the Reserve Bank should re...

Northland rail upgrade a strategic, not commercial investment - Aecom
Gavin Evans | Sun, 19 May 2019

By Gavin Evans May 20 (BusinessDesk) - Building a new rail link to Marsden Point and upgrading the existing Northland line could bring forward Northport’s development as a major freight handler for Auckland and help boost the broader regional economy, an economic analysis says...

Businesses get some reprieve in March quarter on cheaper prices
Paul McBeth | Thu, 16 May 2019

By Paul McBeth May 17 (BusinessDesk) - Businesses got a reprieve in the March quarter as cheaper wholesale electricity helped push down the prices producers paid in the period.  Prices paid by producers, known as input prices, fell 0.9 percent in the March quarter, its firs...

NZ manufacturing activity expands on month in April but down on year
Rebecca Howard | Thu, 16 May 2019

By Rebecca Howard May 17 (BusinessDesk) - New Zealand's April manufacturing activity expanded versus March but was well down on the year as demand growth continues to cool. The Bank of New Zealand-Business NZ performance of manufacturing index rose 1 point to a seasonally a...

Tourism set to grow 4% annually to 2025, spending to reach $15B
Jenny Ruth | Wed, 15 May 2019

By Jenny Ruth May 16 (BusinessDesk) - International tourist arrivals in New Zealand should grow 4 percent a year between now and 2025 and reach 5.1 million visitors in 2025. That’s up from 3.9 million visitors in 2018, according to figures from the Ministry of Business, Inn...

BUDGET 2019: Govt redirects $197M fees-free underspend to vocational training
Pattrick Smellie | Tue, 14 May 2019

By Pattrick Smellie May 14 (BusinessDesk) - Fewer students than expected have taken up the government's offer of free fees for tertiary education, allowing nearly $200 million over four years to be redirected into a revamp of vocational skills training, Finance Minister Grant...

March guest nights down 4% from last year's earlier Easter
Rebecca Howard | Tue, 14 May 2019

By Rebecca Howard May 14 (BusinessDesk) - Total guest nights spent in hotels, motels, backpackers, and holiday parks fell 4 percent in March from a year earlier largely due to the timing of Easter.  “Guest nights fell across the country in March this year compared with last...

March-year migration rises, according to provisional data
Gavin Evans | Mon, 13 May 2019

By Gavin Evans May 14 (BusinessDesk) - Provisional migration data suggests the country gained a net 4,500 permanent and long-term residents in March, down from a revised 8,565 in February but up from 3,396 in March last year. That takes the provisional net gain for the 12 m...

Jones defiant, apologetic over Provincial Growth Fund politics
Pattrick Smellie | Mon, 13 May 2019

By Pattrick Smellie May 13 (BusinessDesk) - Regional Economic Development Minister Shane Jones mixed defiance with apology for his handling of the Provincial Growth Fund during a briefing intended to demystify the process by which funds from the $3 billion fund are managed....

Kiwis splash out on travel, food in April as card spending rises
Rebecca Howard | Fri, 10 May 2019

By Rebecca Howard May 10 (BusinessDesk) - Spending on credit and debit cards increased in April as people took advantage of the extended holiday period to travel and eat out more.  Seasonally-adjusted card spending increased 0.6 percent in April after a 0.2 percent dip in M...

Govt opens low-carbon summit with $47M commitment to new energy research
Pattrick Smellie | Wed, 08 May 2019

By Pattrick Smellie May 9 (BusinessDesk) - The government will invest $27 million to establish a new energy centre in Taranaki as a gesture towards assisting the region's transition from a multi-billion dollar oil and gas industry to a low-carbon economy. Prime Minister Jac...

Economists say more RBNZ rate cuts are coming
Rebecca Howard | Wed, 08 May 2019

By Rebecca Howard May 8 (BusinessDesk) - The Reserve Bank of New Zealand cut rates by 25 basis points to a record low 1.5 percent and economists expect it to cut again.  Changes to the central bank’s forecasts in the latest monetary policy statement now show a chance for an...


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