Weekly Digest – 18 May 2022

NZ Weekly Digest – 18 May 2022

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

Fuel prices reach an all time high in Auckland

Petrol prices hit an all time high in central Auckland on Monday, reaching $3.15/litre. Despite the government scrapping fuel taxes in March, prices have continued to rise.

Rising interest rates offset lower housing prices

While housing price growth has slowed, any savings are likely to be offset by rising interest rates, says Century 21 New Zealand owner. As such, it’s not yet a buyers market.

Xero takes $9 million loss for year despite customer and revenue growth

The company stated that product design and development costs rose by 49 percent to $372 million last year, which accounted for a third of its operating revenue. CEO Steve Ramos maintains that strong revenue and growth should provide confidence.

Solar projects scheduled to get underway on North Island

Four North Island solar projects are breaking ground this year by local solar developer Far North Solar Farm and their partners Aquila Capital. Once completed, the projects will supply about 4% of New Zealand’s total energy.

Pre-budget government announcement marks an extra $20m to transform the digital services industry

Minister for Digital Economy David Clark says that as a small island nation far from traditional markets, a strong digital economy is key to thrive.

Empty city centres see sharp rise in crime

As much of the workforce continues to work from home, storefronts on the main routes of New Zealand’s major cities are filled with “for lease” signs. Violent crime in Auckland has risen 30% above pre-pandemic levels, causing even more people to stay home at night.

Ardern announces borders will reopen early

Restrictions will lift on July 31, two months ahead of schedule. Government will also ease entry requirements for workers in certain sectors such as health care, engineering, and tech. A faster route to residency will also be established.

Emissions Reduction Plan relies on cooperation

The ambitious plan, billed as New Zealand’s first ‘binding domestic framework’ to guide the curbing of emissions, will be mandatory to uphold for the next 14 years no matter which party is in power.

Massive policy shift necessary for correction to housing market

The cost of housing in New Zealand has increased 250% since 1998, far outpacing any of the other OECD countries, says the IMF’s latest review of the NZ economy.

10,000 healthcare workers prepare to strike

Calls to end gruelling workloads resulted in a 24-hour strike Monday. Since May 9, the Public Service Association (PSA) has undertaken work-to-rule industrial action. The group includes many health care workers, including those who process COVID-19 tests.

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