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

Business leaders more optimistic about growth

The improving mood flowing through the business sector is showing itself among the financial heads of companies. A new survey of chief financial officers (CFOs) by recruitment firm Hunter Campbell, tax advisors Tax Traders and economics consultancy Infometrics showed a net 30 percent of the 173 surveyed were upbeat about their growth outlook for the year ahead.

Telecommunications companies to come up with coverage maps

The Commerce Commission has given telecommunications companies 12 months to come up with standardised coverage maps for all providers so customers can compare the signal reach each one is offering.

International visitors are spending more

International tourism continues to bounce back, according to the latest International Visitor Survey (IVS) results.

Economy of choice: Australia v NZ

As more New Zealanders head to Australia seeking better pay and conditions the contrast between the two economies becomes starker. Australia’s bubbling along nicely and ours in the dreary doldrums. UBS economist Nic Guesnon says our economies are “drifting apart”, in terms of how they are managed by governments and central banks.

Liquidation numbers soar as businesses ‘can’t hang on’

Retailer members of her organisation are closing their businesses every week, chief executive of Retail NZ Carolyn Young says. Data from Centrix shows the number of retail businesses being liquidated was up 36% in July, compared to the same time a year earlier.

Five things households should know about the first annual grocery report

We’re paying higher prices, specials are confusing and loyalty schemes aren’t delivering overly significant rewards. Those aren’t just the musings of a frustrated supermarket shopper – but are some of the findings in the Commerce Commission’s first annual grocery report.

Petrol savings on the way as global oil price slumps to lowest this year

Global financial market turmoil overnight has come with a silver lining for motorists as oil prices have slumped to their lowest level this year. Cheaper petrol at the pump should follow in coming days after Brent Crude Oil fell 5% to US73.74 – a price not seen since mid-December 2023.

CCCFA lending rules to ease again, directors and managers will no longer be personally liable for breaches

The Government is continuing to pick away at consumer protections, criticised for making it unnecessarily difficult to borrow money. Cabinet has agreed to further change the Credit Contracts and Consumer Finance Act (CCCFA) so lenders don’t find themselves in too much hot water if they misstep.

New Zealand’s standard of living going backwards amid rising debt

New Zealand’s standard of living is going backwards according to global ratings agency S&P as the country continues to live beyond its means, while increasing debt. S&P considered New Zealand’s local government debt to be among the highest in the world at 180% of gross operating revenue on average.

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