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


Regions have a stable quarter on the scoreboard

Media release
ASB Regional Economic Scoreboard Q3 2019
Monday 16 December 2019

         Regions have a stable quarter on the scoreboard

·         The scoreboard remained fairly stable this quarter, with three regions holding their table position and a further six moving less than three places.
·         Gisborne held onto its reign at the top of the leaderboard.
·         Hawke’s Bay climbed back into medal position, taking out silver.
·         Auckland jumped seven places to third equal after a bounce in consumer confidence.
·         Northland dipped seven spots from third place into 10th equal.
·         Nelson fell two places to the bottom rung of the ladder.

Gisborne retains its gold medal status

After spending two quarters climbing from 13th equal on the scoreboard to first, Gisborne has held onto its place at the top of the ASB Regional Economic Scoreboard.

As well as securing gold and a five-star rating, Gisborne also led the regions in retail sales, house price growth and construction on an annual growth basis.

“Gisborne has been on an excellent run with its diverse mix of export industries,” said ASB chief economist Nick Tuffley.

“It also seems that the impact of the recent weakening of log prices has yet to be felt in the region. Looking ahead, we anticipate that the record meat prices are likely to see the region stay near the top of the Scoreboard over 2020,” said Tuffley.

Hawke’s Bay rallies after a dip last quarter, to take second place

After falling from first to fifth last quarter, the Hawke’s Bay regained its speed, pulling back into second place and claiming the silver medal.

“After a one-quarter hiatus, the Hawke’s Bay is back snapping at Gisborne’s heels on the Scoreboard. Given that the Bay has claimed the silver medal this quarter, our move for the region to retain its five-star rating last quarter has proved justified,” said Tuffley.

The accommodation and retail sectors were the region’s hotspots over the September quarter, with Tuffley saying he expected the economic good times to roll on in 2020.

“With the majority of Bay industries in rude health we expect the region to duke it out with neighbour Gisborne, and other willing regions, for top stop in the Scoreboard over the next few quarters,” said Tuffley.

The sleeping giant wakes

Auckland has leaped seven places to third equal this quarter, after languishing between 7th and 10th place for the last three quarters.

“Auckland consumers were feeling chirpy over the quarter, leading the nationwide consumer confidence measure,” said Tuffley.

“Perhaps this buoyancy owes to the housing market showing signs of life, after a prolonged hiatus. On that front and with mortgage rates near record lows, perhaps Auckland may be sizing up Gisborne’s top spot. Indeed, we might get to see Goliath take on David over coming quarters,” said Tuffley.

Auckland claimed a five-star rating alongside its bronze medal.

Northland dips seven spots

The up-down pattern of Northland’s Scoreboard rankings has continued this quarter, with the region slipping back to 10th equal from third last quarter.

Unfortunately this dip, and the region’s new position in the bottom half of the scoreboard, meant the North lost a star, falling back to a three-star rating.

“Volatile results aside, we anticipate that Northland’s diverse industry base will serve it well over 2020, particularly as the horticulture and beef sectors perform well. In that sense, it’s a case of bring on the new year for the North,” said Tuffley.

Nelson relegated to the bottom of the scoreboard

It may be ‘top of the South’ but Nelson was decidedly bottom this quarter, falling two spots to last place and losing a star in the process.

The bright spot for the regions was housing market activity this quarter, with the region recording the second-highest annual growth in sales in the country.

“Outside of housing however, Nelson’s results were decidedly mediocre. Perhaps the region’s economy needs to look to the victorious Makos for some inspiration,” said Tuffley.
The full ASB Regional Economic Scoreboard, along with other recent ASB reports covering a range of commentary, can be accessed at our ASB Economic Insights page:

@ASBBank  @ASBMarkets


The full report is attached.

About the ASB Regional Economic Scoreboard
The NZ Regional Economic Scoreboard takes the latest quarterly regional statistics and ranks the economic performance of New Zealand’s 16 Regional Council areas. The fastest growing regions gain the highest ratings, and a good performance by the national economy raises the ratings of all regions. Ratings are updated every three months, and are based on 11 measures, including employment, construction, retail trade, and house prices.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Tiwai Point: Rio Tinto Announces Plans To Close Tiwai Point Smelter

Rio Tinto has just announced that it will wind down New Zealand Aluminium Smelters - the Tiwai Point smelter - saying the business is no longer viable. More>>


Freight: New Report On Auckland Port Relocation

The Government has released a major new report on the options for relocating the Port of Auckland’s freight operations while deferring any decision on the issue. More>>


Chartered Accountants: COVID-19 Fails To Knock Kiwi Investor Confidence, But More Disclosure Wanted

Three months of COVID-19 lockdown and investment turmoil has done little to knock confidence in New Zealand capital markets and listed companies with overall investor sentiment very similar to 2019, an investor survey held in mid June shows. However, ... More>>


Taxation: Black-Market Tobacco Sidesteps $287 Million In Excise Tax

Year-on-year increases in consumption of illicit tobacco in New Zealand have seen illegal trade swell to 11.5% of the total market. If consumed legally, illicit products would have netted the Government $287 million in excise tax during 2019. Independent ... More>>


Energy Sector: Meridian Spilled Water To Hike Electricity Prices - Authority Ruling

The Electricity Authority has found that generator Meridian Energy manipulated the power market, costing consumers about $80 million. More>>


XE Data Update: RBNZ Official Cash Rate Decision

The RBNZ will keep the Official Cash Rate (OCR) at 0.25%. T he key points in the RBNZ statement are: RBNZ keeps the OCR unchanged at 0.25% Maintain the LSAP (large scale asset purchase) at NZD$60 billion. Committee prepared to use additional monetary ... More>>


Electricity: Kiwis Ignore Promise Of Cheaper Power

Electric Kiwi and Flick Electric Co are joint winners of Canstar Blue’s award for Most Satisfied Customers | Electricity Providers From putting on an extra layer – rather than turning on a heater – to turning off lights and choosing the energy-saving ... More>>


Electricity: Transmission Pricing For A Low Carbon Future

The Electricity Authority has decided on new guidelines for transmission pricing. James Stevenson-Wallace, Chief Executive of the Electricity Authority says the new guidelines will deliver significant benefits to consumers, through lower electricity ... More>>


RNZ: Economic Activity And Business Confidence Bouncing Back

Two surveys from ANZ show business confidence and economic activity have rebounded, but uncertainty about the future remains extreme. More>>


NIWA: The Climate Record That Keeps Getting Broken

Among the multitude of New Zealand climate statistics there is one record that continues to be broken month after month. Since January 2017 there has not been one month that recorded a below average nationwide temperature, according to NIWA’s seven station ... More>>


Govt: Extended Loan Scheme Keeps Business Afloat

Small businesses are getting greater certainty about access to finance with an extension to the interest-free cashflow loan scheme to the end of the year. The Small Business Cashflow Loan Scheme has already been extended once, to 24 July. Revenue and Small ... More>>


Science: 2019 Prime Minister’s Science Prizes Announced

The 2019 Prime Minister’s Science Prizes have been announced in a digital livestream event today. The Prizes recognise the impact of science on New Zealanders’ lives, celebrate the achievements of current scientists and encourage scientists of the ... More>>


RNZ: Fuel, Alcohol Costs To Go Up From Today

The increase today in the taxes on fuel, road user charges and alcohol is being called a tone-deaf move. More>>


Stardome Observatory: Young Kiwi Astro-Photographer Shoots For The Stars

Matariki by Josh Kirkley. The stars are aligning for up-and-coming Auckland-based astro-photographer Josh Kirkley (Kāi Tahu). During lockdown, one of his images was picked up by NASA and shared on the space agency’s Instagram to its 59.2 million ... More>>

DCANZ: Time For EU To Commit To A Level Playing Field For Trade

The Dairy Companies Association of New Zealand (DCANZ) has welcomed New Zealand Trade Minister David Parker’s statement that it is unacceptable for New Zealand exporters to continue facing an ‘unlevel playing field’ in the EU. Details leaked ... More>>


New Zealand Government: Supporting Kiwi Businesses To Resolve Rent Disputes

The Government will legislate to ensure businesses that suffered as a result of the COVID-19 response will get help to resolve disputes over commercial rent issues, Justice Minister Andrew Little announced today. More>>