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Two years for a court date
Hamish McNicol and Calida Stuart-Menteath
Fri, 29 Nov 2024
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Consumer confidence boost in November
Consumer confidence has bounced higher following the Reserve Bank’s third cut to the official cash rate.
The ANZ-Roy Morgan Consumer Confidence index jumped nine points in November to 99.8. Both current and future conditions indexes lifted, while inflation expectations rose to 4%.
On Wednesday, the RBNZ cut the OCR by 50 basis points to 4.25%, and indicated another cut of that size was expected in February.
ANZ’s business survey showed confidence fell one point in November to +65. Business inflation expectations fell from 2.8% to 2.5%.
ANZ chief economist Sharon Zollner said that interest rate cuts were changing “actual behaviour”.
“The RBNZ will be confident there is sufficient domestic disinflation pressure in the pipeline, even if growth were to rebound faster than they are anticipating.”
On December 19, Stats NZ publishes September-quarter GDP data – which the RBNZ expected would be negative again – resulting in a technical recession.
High earners to face restrictions on personal grievances
The Coalition Government is proceeding with plans to introduce an income threshold of $180,000 a year for personal grievances around unjustified dismissals. Workplace Relations and Safety Minister Brooke van Velden said the Cabinet had agreed to change the Employment Relations Act to stop employees earning more than that from taking PGs. “The income threshold of $180,000 will cover approximately 3.4% of the workforce and aligns with the current top income tax rates. The income threshold will be adjusted annually to match increases in average weekly earnings,” she said. Van Velden said she would introduce the legislation next year.
Synlait switches auditor to KPMG
Milk processor Synlait has switched its auditor to KPMG after the resignation of its current auditor PwC.
Synlait said its 65.3% shareholder Bright Dairy was in the process of changing its auditor to KPMG so it was also changing “to ensure efficiencies in the audit process between both companies”.
PwC had been Synlait’s auditor since 2022. Synlait's annual report for the year to July 31, 2024, said its total payments to PwC for audit services were $1.151 million.
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Hamish McNicol and Kate McVicar
Fri, 15 Nov 2024
