Weekly Digest – 26 June 2024

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

Out of recession? Maybe. Out of the woods? No

It’s a line ball call whether GDP figures out in the coming week will reveal the country still to be in recession or not. But whatever the outcome, economists don’t see a particularly rosy path for the economy in the immediate future.

Granny flats: have your say

The Government wants your feedback on building granny flats on a property with an existing home on it. The proposal is to allow self-contained one storey granny flats up to 60m2 to be built without the need for a building or resource consent.

No sign of property prices going up

Households with mortgages can expect at least six more months without talk of interest rate cuts, as a subdued housing market refuses to spring back.

How big exporter Zespri plans to boost kiwifruit grower profits

After a tough couple of years with cyclones curtailing crops, fruit quality issues and labour shortages, Zespri kiwifruit suppliers can breathe some sighs of relief this season. They’ve just completed a record harvest of more than 190 million trays of fruit – equal to about 750,000 tonnes of Green, SunGold and RubyRed kiwifruit.

IRD advise of a process change for payments made at Westpac

You can make cash or EFTPOS payments to the IRD at a Westpac branch or Westpac Smart ATM. From 1 June 2024, you will need to identify yourself by providing your name and in some case your phone number when making payments in a Westpac branch. To make a payment, you have 2 options.

Survey attempts to pin down how AI may change the way we work

The organisers of a new survey on artificial intelligence in the workplace say they want to find out what’s needed to help Aotearoa’s companies adapt in the AI era, as well as measure its impact on productivity. AI Forum New Zealand was working with Victoria University and Callaghan Innovation to measure the impact of artificial intelligence on business.

What went wrong for The Warehouse?

It’s a tough time to be The Warehouse. First, it sold Torpedo7 for $1. Then it posted a nearly $24 million loss in the six months to the end of January. It outlined plans to close TheMarket – which not that long ago had been hoped to become New Zealand’s answer to Amazon. As it searches for a new chief executive to replace the departed Nick Grayston, who was brought in to turn the company’s fortunes around in 2016, you might ask – what went wrong?

Strengthening exports

The route to scaled, export-led growth is often considered essential for many fintechs to survive and thrive. It’s a pivotal focus for investors supporting new ventures. While some companies target the New Zealand market, most see international expansion as an essential way to leverage growth. As we navigate challenging times, maintaining and building exports is crucial. NZ Tech outlines their plan to help fintechs grow and expand.

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