Weekly Digest – 30 November 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Reserve Bank admits to engineering a recession
Following the release of the Reserve Bank’s Monetary Policy Statement, governor Adrian Orr warned the public and the government to think twice about spending.
RBNZ says tourism helps the economy, but could add to inflation
The Reserve Bank of New Zealand said the “stronger than expected rebound in tourism” could overwhelm the still-recovering industry, leading to more inflation.
Official cash rate raised to 4.25 percent
The 75 basis point rise puts the Official Cash Rate to its highest level since December 2008. It’s the biggest single jump since the OCR was established in 1999 and the ninth consecutive rise.
Food and beverage drives retail sales
New Zealand retail saw an improved performance in the September quarter, with sales up 0.4 percent, adjusted for inflation, in the three months to September 30. The volume of sales in cafes, restaurants, bars, and takeaways increased 30 percent year-on-year.
AWS will create 1000 jobs and generate billions to the local GDP
Amazon Web Services plans to invest $7.5 billion building cloud computing data centres in New Zealand, creating a local AWS Region that’s due to open for business in 2024. NZ’s significant investment into renewable energy was a determining factor.
Extended footpath opens in Auckland CBD
The Waihorotiu path, running from Mayoral Drive to Shortland Street in Auckland, officially opened last week. The $16m project converted a car lane into a footpath, and is meant to revive the ailing city centre by attracting more people on foot.
Black Friday sales prove to be lacklustre
Black Friday sales were down 6.9 percent over last year. It’s unclear if we were heeding the Reserve Bank’s advice to spend less, or if we just didn’t have as much money to spend anyway.
Amazon workers strike during Black Friday
Amazon workers in over 40 countries staged Black Friday strikes and protests. Employees are demanding better wages and conditions.
First ever wellbeing report shows we’re doing better than ever overall, but there are some concerns
The Treasury released its first “big picture” overview of wellbeing in New Zealand last week. Te Tai Waiora: Wellbeing in Aotearoa New Zealand 2022 can be found here.
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