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

Tourism numbers up slightly, Australians make up half of all visitors in July

Overseas tourist arrival numbers were up slightly in July compared to the same month a year earlier. Stats NZ today said 221,800 overseas tourists arrived in July, an increase of 8000 from the same time last year. The biggest increases were in arrivals from Australia and China, but US visitor numbers were down compared to July 2023.

Car importers stuck with excess EVs, weak demand

Car importers are grappling with excess stock and high storage costs as demand evaporates for electric vehicles. Sales of electric vehicles have plummeted since the end of the Clean Car Discount and the introduction of road user charges for the vehicles.

Chocolate prices set to rise further as the cost of cocoa increases

Chocolate prices could be set to rise further as the cost of cocoa keeps pressure on. Stats NZ said this week that chocolate blocks were part of the reason that grocery food prices were up 2.4 percent in the year.

Business confidence soars to highest in a decade

Business confidence has soared to the highest level in a decade, according to the ANZ Business Outlook survey for August.  Forward-looking activity indicators lifted strongly, and this was evident already in the responses that came in at the very beginning of the month”, said ANZ chief economist Sharon Zollner.

Draft critical minerals list released for consultation

A draft list identifying minerals essential to New Zealand’s economy and susceptible to supply disruptions has been released for consultation.The critical minerals list, prepared by Wood Mackenzie as a deliverable of the draft Minerals Strategy for New Zealand, identifies 35 minerals that are essential to economic functions, are in demand by international partners, and face high risks to supply domestically and internationally.

Valuable role of mining recognised

The release of the draft critical minerals list cements the valuable role of mining in New Zealand, says Straterra chief executive, Josie Vidal. “Included on the list are minerals that, in addition to the minerals we already mine, will be used around the world to build technology, and support a clean energy transition,” Vidal says.

Falling migration rates may subdue economic growth

High immigration numbers have been “papering the cracks” of the New Zealand economy, analysts say, and now that they are dropping fast, it is likely to add to the slowdown.

Sheep farm profitability for next season ‘sobering’ but beef a ‘green shoot’

It is looking like another challenging season ahead for the country’s already struggling sheep farmers. Beef and Lamb New Zealand’s new season outlook showed while global demand for red meat was forecast to improve slightly next season, farm profitability will remain a challenge, especially for sheep farming.

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