Weekly Digest – 12 June 2024

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

ANZ expects interest rate cuts from February 2025

The country’s biggest bank believes interest rate cuts will arrive sooner than it previously expected. The ANZ Bank has changed its official cash rate (OCR) forecast, now expecting the first cut to land in February, rather than May 2025.

International visitor spend on the rise

The latest International Visitor Survey (IVS) results released show international visitors are spending more while in New Zealand.

What 90-day trials mean for small business owners

The reality is most employers are not trying to get one over on new employees. They want to hire once and hire well but also need to protect themselves should things not work out as planned. If you’re a business owner, it’s worth considering 90-days trials when hiring new staff.

First Home Grant closure exemptions

The Government is providing a narrow exemption from the discontinuation of the First Home Grant for first home buyers who may face unfair situations as a result, Housing Minister Chris Bishop says.

Budget at a glance

Budget 2024 includes new spending, savings and the reprioritisation of resources to frontline services, all within an operating allowance of $3.2 billion per annum – the lowest operating allowance since Budget 2018. Tax relief is fully funded, and spending is targeted, effective and affordable.

Census set for major changes: What this means for you

Stats NZ wants to overhaul the census and largely replace individual surveys with admin data. Indira Stewart explains what admin data is and how it profiles every New Zealander.

Kilometre rates 2023-2024

The Inland Revenue Department of New Zealand has released the new kilometre rates for 2023-2024. The Tier 1 rates reflect an overall increase in vehicle running costs largely due to fuel costs.

Economic headwinds fail to shake NZ property prices: What’s the secret?

Despite strong economic headwinds, New Zealand’s property prices have remained stable. The latest real-time data from realestate.co.nz shows that the national average asking price has remained almost unchanged for nearly a year and a half, fluctuating between $860,000 and $890,000 since November 2022.

Government wants feedback from businesses on changes to the Holidays Act

Workplace Relations and Safety Minister Brooke van Velden in September will release a draft of proposed changes the Government will make to the Holidays Act to further support employers and businesses. Businesses can register their interests with the Ministry of Business, Innovation and Employment (MBIE).

Square metre rate for home office calculations for 2024

The square metre rate for home office calculations has been set at $53.10 for the 2024 income year (1 April 2023 to 31 March 2024).

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