Weekly Digest – 19 June 2024

Weekly Digest – 19 June 2024

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

Economy may struggle to break grip of recession for first half of year

The economy may struggle to break the grip of recession for the first half of this year amid weak consumer, manufacturing, and construction activity.

Major health and safety consultation begins

A substantial consultation on work health and safety is now open. Further information about the consultation and how to make a submission can be found here.

Small business productivity continues to decline according to Xero

Urban centres are leading a decline in small business labour productivity, with all regions and industries seeing some decline over 2023, according the latest Xero Small Business Insights’ report. The report found national average labour productivity fell 6.1 percent last year, with agriculture down the most at 12.1 percent, followed by hospitality at 9.2 percent.

Groundbreaking research to measure AI’s impact on productivity

Everyone talks about the impact artificial intelligence is having in the workplace, but no one has been able to accurately measure this. That’s about to change, as AI Forum NZ partners with Te Herenga Waka Victoria University of Wellington and Callaghan Innovation to launch the first of a series of quarterly surveys to measure AI’s impact.

Record loss of New Zealanders might expose economic ‘cracks’ – economist

A record number of New Zealanders left the country in the year to April, which one economist says risks “exposing the cracks” in the economy. Data from Stats NZ shows while migrant arrivals rose 25 percent, 56,000 New Zealand citizens left in the year to April – the highest number on record, and well ahead of the previous record of 44,000 in February 2012.

What is digital cash?

The Reserve Bank of New Zealand is looking at the possibility of issuing digital cash. It would be an electronic version of cash, but it would not replace cash.

Fewer properties being auctioned and the sales rate hasn’t changed

A big drop in auction activity has occurred with the number of properties on offer at its lowest level in 10 months. However while auction numbers were down the sales rate remained unchanged, with 82 properties selling under the hammer, giving an overall sales rate of 32%.

B+LNZ report on China market examines when demand may improve

New Zealand’s red meat industry faces continued challenges as China’s economic weakness and competition from Australian supply impact red meat exports.

Changes in the workplace impacting business

New Zealand’s employment institutions, especially Employment Court, are driving material change. The gig economy continues to expand in New Zealand (and globally), and so does litigation over worker status. For this reason, worker status remains front of mind for many workers and organisations (both public and private employers/engagers).

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