Weekly Digest – 07 August 2024

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

Business confidence rises with a ‘can’t get any worse vibe to it’

Business confidence jumped 21 points to +27 in July, and firms’ expectations for their own activity lifted 4 points to +16, the ANZ Business Outlook survey shows. But the July survey was a mixed bag, ANZ chief economist Sharon Zollner said.

Job market cools, unemployment expected to rise further

The unemployment rate is expected to rise to a near four-year high as demand for workers cools while the economy struggles under the weight of high interest rates.

Trans-Tasman space research opportunity

The government has announced four trans-Tasman space research projects and is calling for proposals for 4 more collaborative studies, focused on Earth observation.

Federated Farmers Farm Confidence survey has second-worst result in report’s history

Farm confidence has fallen since the start of the year, with debt, interest rates and banks causing the greatest concern, Federated Farmers says. The advocacy group has released its latest Farm Confidence survey of 1400 dairy, sheep, beef and arable farmers, which shows confidence remains stuck in historically low territory.

NZ’s debt burden stabilises, but businesses still struggle

The country’s debt burden is stabilising, but consumers are faring better than businesses, according to new data. The latest report from credit bureau Centrix for June showed a slight improvement in the number of people in arrears, falling 9000 to 465,000 on the month before, although were still up 9 percent on a year ago.

How the Government could remove Interislander ferry business from KiwiRail

The future of KiwiRail hangs in the balance as the Government considers whether it should still run the Interislander Cook Strait ferry business. KiwiRail has been under intense scrutiny in recent months after its plan to replace its ageing ferry fleet with two mega ferries was left dead in the water. The Government refused to fund a cost blowout of $1.47 billion for the portside infrastructure needed to support the larger ships.

Innovating to reduce manufacturing emissions

A new set of tools to support manufacturers to grow their business and reduce their emissions has been launched by Small Business and Manufacturing Minister Andrew Bayly and Climate Change Minister Simon Watts.

Gas shortage has energy industry and exporters in ‘distress’

The energy industry is in distress and desperate need of a solution to the current gas shortage, which is forcing industrial users to curtail production by up to 70%, an analyst is warning. “What happens from here is deeply uncertain because the investment that’s required to stabilise, let alone to increase, gas supply, is anything but firm or confirmed,”

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