Weekly Digest – 2 November 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
More price increases expected in 2023
Retail New Zealand said this week that there is no end in sight for rising prices due to inflation. The increases are expected to continue well into next year and affect everything from groceries to electronics to clothing.
Airfare reaches $1200 one-way to Sydney
The eye-watering price is nearly twice the average high for peak travel times in December. International routes are still operating on reduced capacity, and some say travel wasn’t opened early enough for airlines to recoup costs which would have allowed them to offer more flights.
Auction activity still quiet
The flurry of real estate activity that spring typically ushers in just isn’t happening this year. Only 33% of houses offered last week ended up selling.
Banks strong enough to cope with enormous fall in housing prices
A recent stress test showed that the Reserve Bank can withstand a 47% drop in housing prices, even if unemployment tops 9%.
Greens call for windfall tax for major corporates
The Green Party’s finance spokesperson Julie Anne Genter is calling for a tax on excess profits made by major corporates. She states that large companies are making record profits while Kiwis struggle to pay for the basics.
NZ Super Fund loses $3.3 billion
The Fund’s annual report showed that volatile market conditions have resulted in a $3.3 billion loss for the NZ Super Fund.
China’s workers flee Apple’s biggest iPhone factory following COVID-19 outbreak
The massive factory complex in Zhengzhou city was hit with a wave of COVID-19, causing thousands of employees to flee. About 200,000 people work at the factory. It’s unclear how the outbreak will disrupt production.
Ukraine ships record tonnage of grain despite warnings from Russia
A large handful of vessels loaded with grain left the port of Odesa on Monday. The shipment is a joint effort supported by the UN and Turkey and is meant to stave off a global hunger crisis.
How to ease “beginner’s mind”
Learning new skills as an adult can be extremely intimidating, and is anxiety-inducing for some. But, many of us are grappling with the reality of being a beginner as we switch careers. Learn four key ways that you can embrace the transition here.
Inland Revenue deletes “mean-spirited” Halloween tweet after criticism
The tweet in question suggested parents could “tax” up to one-third of the lolly haul that their children “earn”. Inland Revenue has stated the tweet was meant to be a light-hearted, festive way to teach children about taxes.
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