Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


BNZ Weekly Overview and Offshore Overview 9/10/08

Welcome to the October 9 2008 editions of the BNZ Weekly Overview and Offshore Overview.

The deterioration in global financial markets has continued strongly over the past week with collapsing sharemarkets, major weakness in the Kiwi dollar at one point below 58.0 cents last night, and central banks forced to inject more money into their national financial systems plus cut interest rates. Australian interest rates have been cut 1% and we expect probably a 0.75% reduction from our central bank on October 23.

During the week we have received confirmation that the surge last month in business and consumer confidence in New Zealand was a blip with sentiment falling away relatively strongly in our own survey and others during the week.

Prospects for the New Zealand economy have deteriorated in light of recent events offshore. While the earlier than expected fall in the Kiwi dollar and interest rates will please many businesses, for the next 12 months these positives will be offset by the global economy probably going into recession. Prospects for tourism and residential construction look especially poor.

In both the Weekly Overview and Offshore Overview we attempt to explain in simple terms what has been happening overseas.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Water: Farming Leaders Pledge To Help Make Rivers Swimmable

In a first for the country, farming leaders have pledged to work together to help make New Zealand’s rivers swimmable for future generations. More>>


Unintended Consequences: Liquor Change For Grocery Stores On Tobacco Tax

Changes in the law made to enable grocery stores to continue holding liquor licences to sell alcohol despite increases in tobacco taxes will take effect on 15 September 2017. More>>

Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>


By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>


Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>


Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>