The Reserve Bank of New Zealand raised interest rates Wednesday in what appeared to be a tentative move by policy makers to combat nagging inflation pressures, the Wall Street Journal reported. The official cash rate was raised by 25 basis points to 2.5%. The bank’s policy-setting committee expressed mixed views on the extent of the inflation outlook, but in the end arrived at a consensus decision to remove some of the accommodation in the setting on interest rates.
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Iconic storage brand Tupperware is nearing a return in New Zealand, after a deal with Hag Import Corp. ensured the company’s return to Australia just two years after the brand filed for bankruptcy, Inside Retail reported. The return will bring a new line of products to New Zealand through distribution partner Hag, which manages homeware brands including Maxwell & Williams, Casa Domani, Krosno and Woll. Tupperware left New Zealand in October 2022, two years before its bankruptcy.
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India and New Zealand signed a free trade agreement (FTA) on Monday, lowering tariffs on key fruit imports such as kiwifruit and apples, expanding opportunities for Indian exports and easing visa access as the nations deepen economic ties, Reuters reported. Concluded in December after about nine months of talks, the pact is one of the South Asian nation's fastest trade deals, and will cut or remove tariffs on 95% of New Zealand's exports to India, including seafood, iron, steel and scrap aluminium.
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Companies in Australia and New Zealand are beginning to signal the financial strain from the U.S.-Israeli war on Iran, as higher fuel prices stoke inflation, dent business and consumer confidence, and weigh on corporate earnings, Reuters reported. Australia's largest business lender, National Australia Bank, warned on Monday of a first-half credit impairment hit, while Qube Holdings and Worley flagged earnings impacts from the ongoing market volatility.
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For decades, New Zealand has relied on inflating the housing market to engineer a recovery during downturns, but the playbook has failed this time, putting policymakers in a quandary just as the Middle East war adds a new layer of uncertainty, Reuters reported. Even after the Reserve Bank of New Zealand aggressively slashed the benchmark interest rate from 5.5% to 2.25%, house prices still languish some 20% below their pandemic peak, dismantling the wealth effect that long anchored the economy.
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