Statistics New Zealand released its Q2 national accounts, with GDP plunging an unprecedented 12.2%: Gross domestic product (GDP) fell by 12.2 percent in the June 2020 quarter, the largest quarterly fall recorded since the current series began in 1987, as the COVID-19 restrictions in place through the quarter impacted economic activity, Stats NZ said today.
A few months back, New Zealand’s Labour Party, headed by Prime Minister Jacinda Adern, was enjoying record high approval ratings from New Zealand voters and was staring at a stomping victory at next month’s general election. Then COVID-19 was reintroduced in mid-August via suspected failed hotel quarantine, which was met with renewed lockdowns: This has
Hard lockdowns across New Zealand have driven the first ever decline in annual median weekly incomes, according to Statistics New Zealand: Median weekly incomes were lower in the June 2020 quarter than they were a year ago, down 7.6 percent to $652 a week, in the wake of COVID-19, Stats NZ said today. The median
Via Stuff comes a great expose of how Indian slavery arrived in New Zealand. Over two years, a growing number of young Indian men have come forward alleging exploitation by their employer. Why does this keep happening? National Correspondent Steve Kilgallon reports. In 2016, at the height of an export education boom, 11,024 Indians came
After passing 100 days without community transmission of COVID-19, and with life returning to normal (minus international travel), New Zealand consumers threw open their purse strings: “For a third consecutive month, card spending on the long-lasting goods (durables) remained at higher levels than last year, after falling sharply during April’s COVID-19 lockdown when stores were
After recording more than 100 days of COVID-free bliss, New Zealand Prime Minister Jacinda Adern is headed for a stomping victory at next month’s general election: In July support for Prime Minister Jacinda Ardern’s Labour Party was at 53.5% down 1% since June, but still more than double the support for National on 26.5%, down
Academics from the University of Otago have written an enlightening article in The Conversation explaining how New Zealand eliminated COVID-19: On Sunday, New Zealand marked 100 days without community transmission of COVID-19. From the first known case imported into New Zealand on February 26 to the last case of community transmission detected on May 1, elimination took
Eat this Australia: Labour market at a glance Unemployment rate fell to 4.0 percent. Underutilisation rate rose to 12.0 percent. Employment rate fell to 66.9 percent. Filled jobs fell 0.5 percent. Average weekly earnings (including overtime) fell 2.8 percent Wage rates increased 2.1 percent annually. Employment at a glance (seasonally adjusted) Jun 2020 quarter Quarterly change Annual change
With New Zealand going 75 days without community transmission of COVID-19, and having eradicated the virus, straight-talking Deputy Prime Minister Winston Peters has blamed Victoria’s “looseness” in hotel quarantine for causing Australia’s virus surge: “It’s awfully frustrating… and I feel a great deal of regret that looseness allowed this thing to get out of control
It is fair to say that MB has had a love hate relationship with New Zealand Prime Minister Jacinda Adern. When she became New Zealand’s 40th Prime Minister on 19 October 2017, we were enamoured by her excellent and comprehensive election platform. Among other things, Adern promised to fix New Zealand’s chronic housing affordability problem
New Zealand’s Adern Government has taken the sensible step of restricting temporary visa numbers to ensure that foreign labour does not compete against unemployed New Zealanders: Both big and small companies are scrambling to hang on to their workforces, with thousands of temporary resident visas set to expire all at once…. There were about 350,000
With New Zealand eliminating COVID-19, its housing market has experienced a sharp bounce. The median house prices across New Zealand increased by a seasonally adjusted 3.8% in the month of June and by 10.1% year-on-year: It was the 105th consecutive month of year-on-year price increases. The REINZ is triumphant: Bindi Norwell, Chief Executive at REINZ
New Zealand Prime Minister, Jacinda Adern, has opened the door for a trans-Tasman travel ‘bubble’ between Australia (ex-Victoria) and New Zealand by September: New Zealand Prime Minister Jacinda Ardern has reiterated that the billion-dollar tourism trade trans-Tasman bubble could go ahead in September with “safe” Australian states such as Queensland… Travel industry veteran and co-chair
Very sensible. From Bloomie: New Zealand’s road to economic recovery is unlikely to include the return of foreign students this year, Finance Minister Grant Robertson said. While the nation’s successful elimination of community transmission of Covid-19 should make it an attractive destination for international students, it will take some time to establish the quarantine facilities
New Zealand has suffered a mini outbreak of COVID-19 cases imported from returning travelers: After previously declaring the country was coronavirus-free, New Zealand has now recorded seven new cases within the last week. All of those cases were imported from abroad, with Ms Ardern on Monday predicting more cases in the coming weeks. She said
Statistics New Zealand has released its national accounts data for the March quarter, which reported a heavy 1.6% fall in real GDP – the largest fall in 29 years – with per capita GDP crashing 2.2%: Gross domestic product (GDP) fell 1.6 percent in the March 2020 quarter, the largest drop in 29 years, as
When the coronavirus pandemic was initially taking off, MB spent considerable effort urging the federal government to close Australia’s international border, alongside shutting down public gatherings. Our views were influenced by the famous experience of Philadelphia versus St Louis in the Spanish Flu of 1918, outlined in Public health interventions and epidemic intensity during the
Yesterday, Australian Chamber of Commerce and Industry released a plan to implement a trans-Tasman travel bubble in an effort to resuscitate the tourism sector. The plan proposed using a Canberra to Wellington route as a test path with politicians, business industry leaders and journalists first passengers on initial flights to ensure its safety before being
The Australian Chamber of Commerce and Industry will today outline its plan to implement a trans-Tasman travel bubble in an effort to resuscitate the tourism sector. The plan would use a Canberra to Wellington route as a test path with politicians, business industry leaders and journalists first passengers on initial flights to ensure its safety
The Reserve Bank of New Zealand (RBNZ) yesterday released its bi-annual Financial Stability Report (FSR), which stated that the nation faces its sharpest economic contraction in 160 years: In New Zealand, border closures and economic lockdowns have led to an unprecedented decline in economic activity. Even accounting for an expected recovery in the second half
New Zealand Prime Minister, Jacinda Adern’s, election promise to slash immigration looks even more ridiculous after the country’s population surged past 5 million people in record time: New Zealand’s resident population provisionally reached 5 million in March 2020, Stats NZ said today. “This is a significant event for New Zealand,” population insights senior manager Brooke
From Statistics New Zealand: Annual migrant arrivals of New Zealand citizens are provisionally estimated at 42,800 for the year ended March 2020, with almost half of these arriving between December 2019 and March 2020. This is the highest annual number on record… Annual migrant departures of New Zealand citizens are provisionally estimated at 35,700 for
The Reserve Bank of New Zealand’s (RBNZ) Monetary Policy Committee has agreed to significantly expand the Large Scale Asset Purchase (LSAP) program potential to $60 billion from $33 billion: The Monetary Policy Committee has agreed to significantly expand the Large Scale Asset Purchase (LSAP) programme potential to $60 billion, up from the previous $33 billion
Via Bloomie: Australia and New Zealand’s prosperity is built on trading with the rest of the world: nimbly negotiating ebbs and capitalizing on flows. Borders are closed but, with coronavirus outbreaks in the two nations’ coming under control, they’re turning to one another. Winston Peters, New Zealand’s deputy prime minister, kicked off the idea of
ANZ has released its New Zealand business outlook, which has recorded record lows across the board: It’s the first look at business confidence levels since the start of the lockdown. And it’s a shocker… “The preliminary data for April saw every activity indicator plunge. Most hit record lows by a very large margin,” ANZ Chief
Via RBNZ: The New Zealand Monetary Policy Committee (MPC) has decided to implement a Large Scale Asset Purchase programme (LSAP) of New Zealand government bonds. The negative economic implications of the coronavirus outbreak have continued to intensify. The Committee agreed that further monetary stimulus is needed to meet its inflation and employment objectives. Globally, the
Statistics New Zealand has released its national accounts data for the December quarter, which revealed a 0.5% rise in GDP with household consumption spending slowing to its lowest level in six years: Gross domestic product (GDP) grew 0.5 percent in the December 2019 quarter, after a 0.8 percent rise in the previous quarter, Stats NZ
The REINZ has released its house price data for February, which revealed a 4.1% increase in median values over the month, with values nationally surging by 14.3% year-on-year to another record high: The summary breakdown shown below: Outside of Auckland, median house prices rose by 4.8% in February, with prices up 11.8% year-on-year. Whereas Auckland’s
In a speech delivered today, RBNZ Governor Adrian Orr has ruled out using unconventional monetary policy for the time being, but is open to the idea in the future should conditions warrant it: Largely since post the ‘Great Financial Crisis (GFC)’ of 2008, global inflation and interest rates have been remarkably low. New Zealand’s neutral
Westpac New Zealand has released analysis on the economic impacts of the coronavirus, which forecasts that New Zealand’s “currently rampant” housing market will “skid to a halt” over the second quarter. However, it will rebound from 2021 as monetary stimulus bites: The currently rampant housing market is likely to skid to a halt, with price
