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

 

Deferring tax cuts won't affect NZ's retailers

Media release

Newmarket Business Association

Thursday, 28 May 2009

Deferring tax cuts won't affect NZ's retailers

Auckland's leading retail district says the suspension of the 2010 and 2011's tax cuts will not affect consumption, because taxpayers would have been unlikely to spend the extra money on consumerables anyway.

"I think it’s fair to say the 1 October and 1 April tax cuts did not provide a measurable boost to retail simply because consumers have cut back their spending. People are very recession wary. A few more dollars in the back pocket won't actually get the cash registers ringing. In this recessionary environment people tend to hold on to any extra money or use it to pay off debt than spend it on consumerables," says Cameron Brewer, general manager of the Newmarket Business Association.

"Deferring the tax cuts is the prudent thing to do. Focusing on good economic management and stability will in the long term benefit business more than a couple of rounds of tax cuts. Kiwis know this and that is why they support Bill English's decision to defer the tax cuts," says Mr Brewer.

Ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

"Broad-Based Growth": GDP Rises 1 Percent In June Quarter

Gross domestic product (GDP) rose 1.0 percent in the June 2018 quarter, up from 0.5 percent last quarter, Stats NZ said today. This is the largest quarterly rise in two years. More>>

ALSO:

Judicial Review: China Steel Tarrif Rethink Ordered

On 5 July 2017 the Minister determined not to impose duties on Chinese galvanised steel coil imports. NZ Steel applied for judicial review of the Minister’s decision. More>>

Debt: NZ Banks Accelerate Lending In June Quarter

New Zealand's nine major lenders boosted lending at the fastest quarterly pace in almost two years as fears over bad debts subsided. More>>

ALSO:

Balance Of Trade: Annual Current Account Deficit Widens To $9.5 Billion

New Zealand’s current account deficit for the year ended June 2018 widened to $9.5 billion, 3.3 percent of GDP, Stats NZ said today. More>>

ALSO: