Articles from ‘elocal magazine’ in ‘Money & Finance’

Beneficiaries were left with an average $251 a week after housing costs, according to a Ministry of Social Development report. Budgeting advisers say some households are increasingly turning to KiwiSaver hardship withdrawals, food support and buy-now-pay-later services simply to cover everyday essentials. eLocal Report: Based on reporting by Lauren Crimp for RNZ HERE · New Zealand beneficiaries were left with an average of just $251 a week…

BRICS leaders are gathering in New Delhi with less talk of replacing the US dollar and more attention on something potentially more consequential: building the infrastructure that could allow member economies to trade, settle payments and finance investment through alternative channels. BRICS Pay, digital-currency interoperability, expanding intra-BRICS trade and deepening energy relationships suggest the bloc's evolution is increasingly about…

OceanaGold wants to extend the life of its Macraes gold mine for another decade, targeting around one million additional ounces of gold. The proposal promises hundreds of jobs and billions of dollars of economic activity, but it also raises a bigger question: when a finite New Zealand resource is extracted, how much of that wealth should be preserved for future generations? eLocal Report: Based on reporting by Tess Brunton for RNZ HERE. ·…

New Zealand’s economy is sending sharply mixed signals. The Reserve Bank has lifted the Official Cash Rate to 2.75 percent as inflation remains elevated, while soaring fuel import costs have driven a 9 percent fall in the terms of trade even as exports remain strong and construction finally begins to recover. eLocal Report: Based on Kiwibank Economics’ First View — Moving on up. Interest rates, construction, and bonds, published 7 September…

Thousands of New Zealand first-home buyers are confronting the painful aftermath of the housing boom, with properties purchased near the market peak now worth less than the mortgages secured against them. While economists say negative equity is generally manageable for borrowers who can continue making repayments, it can leave households effectively trapped — unable to sell, relocate or access the equity they expected their home to build. eLocal…

Energy Minister Simeon Brown says there is no single solution to New Zealand's high electricity bills, with the Government now examining whether changes to the regulation of power distribution companies could put downward pressure on prices. Network charges for poles, wires and substations make up around a quarter of household power bills and have accounted for two-thirds of recent increases. eLocal Report: Based on reporting by RNZ's Morning…

Hundreds of thousands of New Zealanders routinely check for tax refunds, but far fewer realise Inland Revenue also holds unclaimed money that may rightfully belong to individuals, families, businesses and estates. With more than $600 million currently recorded as unclaimed, it may be worth taking a few minutes to search. eLocal Report: Based on reporting by RNZ HERE. · Report by eLocal · Many New Zealanders may be unaware that Inland Revenue…

Most people spend decades earning, saving and borrowing money without ever questioning where new money comes from. Adam Stokes argues that understanding the mechanics of modern banking may be the first step toward achieving greater financial independence and making more informed financial decisions. elocal Report: Based on The Math of Freedom with Adam Stokes and Bisher Khudeira HERE. · Most people are taught how to earn money, save money and…

Kiwibank economists are warning that the Reserve Bank may now begin raising interest rates far sooner than previously expected, despite signs of weakening demand and slowing economic growth across New Zealand. By elocal · The latest Kiwibank analysis follows the Reserve Bank’s decision to hold the Official Cash Rate at 2.25%, although the Monetary Policy Committee was reportedly split 3-3 on whether rates should rise immediately. · According…

Kiwibank's latest economic commentary presents a picture that may look contradictory on the surface. Markets are reacting to peace headlines from the Middle East, fuel prices remain elevated, growth indicators are soft, and uncertainty still hangs over the economy. But beneath the volatility sits a message that may provide some cautious optimism for New Zealand households and businesses. By elocal Economic Desk · The key takeaway is not that…