Weekly Digest – 31 January 2023

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

Kiwis are feeling the financial pinch

Annual inflation remains stubbornly high, at 7.2 percent. The main drivers are household costs, such as rent and maintenance, higher food prices, and building costs.

Asia’s richest man loses $50 billion in one day

Last week, US activist investment group Hindenburg Research released a report that accused the Adani Group of purportedly carrying out fraud for years.

ABS survey shows businesses feeling more confident but still worried about inflation

The summer break has improved business sentiment, with 79 percent of businesses intending to raise their prices within the next 3 months. The figures suggest that business owners have confidence that consumers will spend.

Economist says immigration alone won’t solve the skills gap

A leading economist says New Zealand needs to have a “proper conversation” about immigration but cautioned against loosening immigration settings too much in the current economy.

Westpac lifts its home loan rates

Westpac followed in ABS’s footsteps and raised its fixed-term six-month and one-year home loan rates by 10 basis points to 6.59 percent. The announcement comes ahead of an expected interest rate hike.

Pacific businesses struggle as staff leave for Australia and New Zealand

In some pacific countries, it’s not uncommon for businesspeople from Australia and New Zealand to recruit staff from resorts to come work here. Local businesses try to raise their wages but can’t compete. The result is a severe worker shortage.

The average price of an Auckland school uniform is $460

One parent in South Auckland said that the fee for her growing son’s school uniform was well over $400 and that, when paired with the current cost of living, it’s enough to send any parent “over the edge.”

New Zealand’s 10 most expensive streets

New CoreLogic research reveals the country’s 10 most expensive streets as far as property values are concerned. Interestingly, shorter streets dominate the result. Find out if your home is on one of them here.

Titahi Bay eco toothpaste business looks to reach more customers

Solid, a New Zealand oral care brand, is trying to raise $20,000 on the crowdfunding site PledgeMe to move to new premises and build relationships with the people who use their products. Their mission is to do away with the plastic toothpaste tube.

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