Business Update – 19 July 2022

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

Renewable energy sources will stave off power outages

With New Zealand aiming to phase out coal by 2030, experts want to reassure us that power cuts will not become more common. Many large-scale renewable projects are already underway.

Fuel tax and public transport cuts extended to 2023

The 25-cent petrol price cut and half-price public transport fare cut were due to end next month. However, the government confirmed earlier this week that both would be extended to January of next year.

Inflation set to reach highest level in 30 years this week

Inflation is set to hit 7% this week. Higher fuel prices, more expensive food, and higher building and household costs have been driving the consumer price index.

Lack of women working in financial services identified as a problem for female retirees as a whole

Data collected by the advocacy group Women in Super indicates that 92 percent of the key personnel associated with KiwiSaver funds are male. They say this results in poorer retirement outcomes for women.

Export to the UK is now easier for Kiwi businesses

The Free Trade Agreement (FTA) signed between New Zealand and the United Kingdom (UK) means it is now easier and cheaper for Kiwi businesses to export to the UK. Details can be found here.

Government guidelines on how to protect employees from sickness this winter

As COVID-19 and other seasonal respiratory illnesses rise, the government has released a summary of tips on how to keep your employees healthy. It can be found here.

Vodafone deal will make new TowerCo company New Zealand’s largest mobile operator, covering 98% of the population

Vodafone is selling their mobile towers for $1.7 billion in a deal that will see the formation of a new company and 390 additional service sites built over the next 10 years.

What’s going on with the economy?

Between record low unemployment, record high inflation, and everything in between, many experts are at a loss as to what’s happening with the economy at the moment. Newshub has created an explainer to try to make sense of it all.

ANZ to acquire Suncorp’s bank

A deal between ANZ Banking Group and Suncorp worth $4.9 billion is expected to go through this week.

Tips to get through the mortgage rate crunch

With mortgage rates on the rise, OneRoof has created a roundup of cost-saving tips to help you soften the blow.

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.