Business Update – 24 February 2022

Support for Businesses Struggling in Red Light Setting

Covid, LightThe government has announced a maximum of $24,000 in financial support for businesses struggling with a business downturn during the red light setting and the Omicron outbreak.  Each payment is $4000 per business plus $400 per full-time employee up to a maximum of 50 full-time employees.

NZ Central Bank Hikes Rates

The central bank delivered a third straight interest rate hike, taking borrowing costs back to pre-pandemic levels and signalled a more aggressive tightening path to counter rising inflation.

NZ-Cook Islands Travel Bubble to Stay Open

The Cook Islands Government agreed quarantine-free travel would remain even with the arrival of Omicron in New Zealand 10 days after the travel bubble reopened.

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