Category: New Zealand economy

An ‘Example’ to the West: NZ Diplomacy Praised by CCP Mouthpiece

June 26, 2023
Asia & PacificAustraliaChina NewsChina-Australia Relationschina-new zealandChris HipkinsInternationalInternational RelationsNew Zealand economyWorld
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Ahead of Prime Minister Chris Hipkins’s near week-long China visit, a mouthpiece of the Chinese Communist Party (CCP) touted New Zealand as an “example” for other Western nations. Hipkins arrived in Beijing in the early hours on June 26, leading a 29-person trade delegation in the hopes of reigniting China-New Zealand trade opportunities, including in…

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CCP Mouthpiece Labels New Zealand Diplomacy as ‘Example’ to Western Nations

June 26, 2023
Asia & PacificAustraliaChina NewsChina-Australia Relationschina-new zealandChris HipkinsInternationalInternational RelationsNew Zealand economyWorld
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Ahead of Prime Minister Chris Hipkins’s near week-long China visit, a mouthpiece of the Chinese Communist Party (CCP) touted New Zealand as an “example” for other Western nations. Hipkins arrived in Beijing in the early hours on June 26, leading a 29-person trade delegation in the hopes of reigniting China-New Zealand trade opportunities, including in…

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Reserve Bank of New Zealand Makes Aggressive Cash Rate Hike to 5.25 Percent

April 5, 2023
Asia & PacificAustraliaBusiness & MarketseconomyInternationalNew Zealand economyofficial cash rateReserve Bank of New ZealandWorld
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The Reserve Bank of New Zealand (RBNZ) has made its 11th consecutive official cash rate (OCR) hike, up another 50 basis points to 5.25 percent. This was above the market expectations of a 25 basis point hike and ease its pace of tightening. The Monetary Policy Committee noted that the recent data, including a fall…

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New Zealand Consumer Confidence Falls to Lowest Level in Over 30 Years

June 20, 2022
Asia & PacificAustraliaBusiness & Marketsconsumer confidenceeconomyGrant RobertsonNew ZealandNew Zealand economyWorld
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Consumer confidence in New Zealand has fallen sharply in the June quarter as household budgets get increasingly squeezed from financial pressure, according to Westpac bank. The Westpac McDermott Miller consumer confidence index plunged to the lowest level since the survey began in 1988, down 13 points to 78.7. Readings above 100 indicate optimism (pdf). “The…

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New Zealand Economy Contracts, GDP Down 0.2 Percent in First Quarter

June 16, 2022
Asia & PacificAustraliaBusiness & MarketsCompanieseconomyGDPNew ZealandNew Zealand economyWorld
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New Zealand’s economy contracted during the first three months of the year, with the latest data showing gross domestic product (GDP) fell 0.2 percent. Statistics New Zealand revealed primary industries led the fall in GDP, down 1.2 percent over the March quarter. Goods producing industries also edged lower by 0.1 percent. “We saw lower output…

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New Zealand Unemployment at Record Lows as Wages Climb

May 5, 2022
Asia & PacificAustraliaeconomic policiesInternationallabour marketNew ZealandNew Zealand economyunemployment ratewages growth
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New Zealand’s unemployment rate remains at a record low 3.2 percent for the second consecutive quarter, as annual wage growth hits its highest levels in 13 years, according to Statistics NZ. Yet, the body noted that the Omicron wave in January caused significant levels of absenteeism, bringing down the actual number of worked hours during…

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