Business Update – 17 August 2022

Business Update – 17 August 2022

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Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Healthy profits still to be had for those selling a home

Selling a home still equals a healthy profit, despite the market for resales showing ongoing signs of weakening.

BNPL schemes are dangerous for vulnerable people

Consumer NZ is calling for more regulations for Buy Now, Pay Later schemes. Services such as AfterPay, Laybuy, and ZipPay are interest-free and don’t currently have to adhere to the Credit Contracts and Consumer Finance Act.

OCR expected to rise to 3 percent

The Reserve Bank is expected to raise the official cash (OCR) again. The rise will take it to a seven-year high of 3 percent, as it continues its battle against inflation, which is at a 32-year high.

Young people most affected by cost of living

ASB’s latest survey reports that 18-24-year-olds are 34 percent more likely to experience payment problems than the national average as the cost of living continues to increase. One in five are living paycheck to paycheck.

Unwelcome soliciting could result in $30,000 fine

Changes to the Fair Trading Act came into effect on Monday. Under the new rules, salespeople and doorknockers who ignore “do not knock” stickers could now face hefty fines and have sales deals torn up in court.

New forecasting suggests a recession will be avoided

The Westpac Economic Overview August 2022 was released on Tuesday. It suggests an extended period of lean growth, meaning a recession is likely to be avoided.

My Food Bag profits decline

Meal delivery kit service My Food Bag has warned that its profit will fall this year as consumers curb spending. The service became extremely popular during the pandemic but with the cost of living rising, fewer people are using the service in order to save money.

Costco flagship opening delayed

Supermarket giant Costco has pushed back the opening of its flagship new store in West Auckland. Originally slated to open in mid-August, the developers say that shipping delays for supplies pushed the opening back, as well as Covid-related delays contributing on-site.

Tax break coming for developers offering 10-year lease options to renters

Housing Minister Megan Woods announced last week that the government is giving long-term build-to-rent developments a tax break in a bid to increase secure rental supply for tenants for at least 10 years.

First cruise ship since the beginning of the pandemic docks in New Zealand

The P&O Pacific Explorer docked at Queens Wharf in Auckland last week, coming from Sydney. It’s the first ship here in nearly two and a half years.

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