Welcome to our Weekly Digest – stay in the know with recent news updates relevant to business and the economy.
Consumers starting to see light at end of economic tunnel
Consumer confidence has picked up and is suggesting the worst of the economic downturn may be coming to an end. The ANZ-Roy Morgan Consumer Confidence index gained five points in July to 88 points, which remained deeply pessimistic.
Imports plunge, New Zealand records $669 million goods trade surplus for June
New Zealand last month recorded only its third monthly surplus in goods since May 2023, but both imports and exports were down on a year earlier.
Xero data shows monthly small business sales fell by the most in June since May 2020 during the pandemic lockdown
The country’s small businesses saw sales plummet 8.3% in June compared with June 2023. It was the largest monthly year-on-year fall since May 2020 during the pandemic lockdown. Xero has released its Xero Small Business Insights data for the June quarter, which shows that overall there was a slight improvement in the performance of NZ small businesses, as ongoing improvements in hiring and wages were partially offset by declines in sales and a rise in payment times
Commerce Commission says regulating Visa, Mastercard payment fees could save $250m
The Commerce Commission says Kiwis pay around $1 billion a year on “PayWave” and online credit card payment fees – and is consulting on regulation it believes could save $250 million from that total.
Rents falling for first time in nearly two years
Rental prices have fallen for the first time since 2022, figures from Trade Me show . Trade Me’s latest Rental Price Index revealed a slight decrease in rents, with the national median dropping $5 month-on-month to $645 a week.
Spring Sheep: Waikato-based sheep milk company scores a big win in China
Spring Sheep, a Waikato-based sheep milk company, has achieved a significant victory in China by securing a major distribution deal with a leading Chinese dairy company. This partnership is expected to boost the company’s presence in the Chinese market and further establish its reputation for high-quality sheep milk products.
Seeking your feedback on the work health and safety regulatory system
The Ministry of Business, Innovation & Employment is seeking feedback on the work health and safety regulatory system. They are inviting input from businesses and individuals to improve the system. Further details can be found on the MBIE website.
New Zealand’s Datagrid buys another six hectares for Invercargill campus
New Zealand data centre firm Datagrid has acquired another six hectares of land to expand its campus on New Zealand’s South Island. The New Zealand Overseas Investment Office (NZ OiO) has approved the land acquisition in Makarewa, Invercargill.
Key Dates coming up
Tuesday 20 August
- Employer deductions payment due for July for small to medium employers.
Wednesday 28 August
- Your GST return and payment is due for the taxable period ending 31 July.
- Interim student loan repayments are due. They count towards your end-of-year repayment obligation.
- AIM instalments are due if you have a March balance date.
- Provisional tax payments are due if you have a March balance date and use the standard, estimation or ratio options.
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