Weekly Digest – 03 July 2024

Weekly Digest – 03 July 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

NZ exports reach new high in May, pass $7 billion for first time ever

A rise in wine and beef exports to the United States pushed New Zealand’s total exports beyond $7 billion in May, a new record for any month. The trade balance for May was a surplus of $204 million, Stats NZ said today. The previous record for any month’s total exports was $6.95b, in May 2023.

Business owners increasingly facing mental health struggles

Tough trading conditions are taking an increasing toll on the mental health of small-to-medium-sized business owners. The latest MYOB business monitor shows more than a third of those surveyed have experienced mental distress, such as anxiety or depression, since taking over their business.

Fast-track consent for Tasman Bay aquaculture trials

An independent panel has approved resource consent, subject to conditions, for a multi-year aquaculture trial in Tasman Bay. New Zealand Institute for Plant and Food Research Limited applied for resource consent under the COVID-19 Recovery (Fast-track Consenting) Act 2020.

Economic growth of 0.1% forecast as interest rates bite

Amid the tension and uncertainty around the New Zealand economy, there are signs of hope, Kiwibank economist Sabrina Delgado says.

New survey shows consumers still ‘pessimistic’

Consumer confidence continues to fall as inflation expectations rise. The ANZ-Roy Morgan Consumer Confidence index fell another 2 points this month to 83 points, which well was below the 20-year average of 114.

Bay of Plenty Regional Council green-lights Port of Tauranga share sell-down

Port of Tauranga majority shareholder Bay of Plenty Regional Council has agreed to sell a chunk of its shares. The council holds a 54.1% stake in New Zealand’s biggest port through its investment arm Quayside Holdings, and plans to enable a managed sell-down to a minimum 28%, council chairman Doug Leeder said in a media statement this week.

ANZ business outlook shows good progress in inflation fight

Business confidence fell five points to +6 in June while firms’ expected own activity was unchanged at +12, the latest ANZ Business Outlook survey shows. But, in what looks like a good sign for the Reserve Bank (RBNZ), pricing intentions fell seven points to 35 and cost expectations fell from 73 to 69. Inflation expectations eased from 3.6% to 3.5%.

NZ Economy: Slow Grind

BusinessNZ Director of Advocacy Catherine Beard says that forecasting out to 2026 shows things may initially get worse before improving slowly. The BusinessNZ Planning Forecast for the June quarter reveals that any growth the economy sees will be subdued for some time to come, as both business and consumer confidence continues to drop.

Interest rate cuts will happen quickly next year

Businesses and households are holding on until 2025, which is likely to be a year of “significant” interest rate cuts, Kiwibank says. It has updated its economic forecasts.

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