Public Service – Oranga Tamariki workers strike over insulting pay offer, unmanageable workloads – PSA
Source: PSA
Housing Market Confidence – ASB Housing Confidence Survey: Optimism persists, but momentum slows
- Number of New Zealanders expecting house prices to increase continues to rise – a net 33 percent compared to 24 percent in the previous quarter, with Aucklanders most confident.
- Slight drop in proportion of Kiwi expecting interest rates to fall, from net 57 to net 51 percent, reflecting some concerns.
- Nationwide, a net 23 percent of respondents think it’s a good time to buy a house, although confidence wavers in Auckland.
ASB’s latest Housing Confidence Survey out today reveals while New Zealanders on average remain optimistic about the housing market, momentum is yet to pick up.
Across all regions, Kiwi are confident house prices will continue to increase this quarter, with Aucklanders remaining the most confident, but Canterbury showing the highest rise in confidence over the quarter (net 38%, up from 25% in Q3 2024).
The survey (which predates the RBNZ’s February OCR cut) showed a slight drop in number of respondents who are expecting interest rates to lower (a decrease to net 51 percent, down from a record 57 percent in the previous quarter). Cantabrians replaced Aucklanders as most optimistic this time around.
ASB Chief Economist Nick Tuffley says “These results align with expectations for a slower pace of OCR cuts for the rest of 2025. Inflation is back under control, and the RBNZ has already cut the OCR considerably. There may also be some concern about the inflationary impacts of Trump’s re-election in the US.”
Buyer sentiment also inches up, with a net 23 percent of those surveyed believing it’s a good time to buy, compared to 20 percent last quarter. The North Island (excluding Auckland) and Canterbury lead the way as most confident at net 24 percent.
In contrast to the nation-wide uplift in confidence levels, the number of Aucklanders who think it’s a good time to buy slightly fell from a net 24 to 23 percent.
“For those considering buying a home, there is a bit of a sweet spot at the moment with interest rates continuing to fall, high levels of supply and subdued house prices.
Even though Kiwi are optimistic about house prices going up and are increasingly confident this is a good time to buy – we are yet to see much shift in housing market momentum, so it’s not necessarily translating into increased activity.
This is also reflected in the latest data from REINZ which shows a surge in new inventory of homes on the market, while sales continue to decline,” says Tuffley.
The ASB Housing Confidence Survey canvasses thousands of Kiwi across the country each quarter on their view of the housing market and future expectations.
Government Cuts – CPAG urges Government to reverse ‘funded to fail’ school lunch cuts
Source: Child Poverty Action Group
Serious crash, Ashworths Rd, Hurunui
Source: New Zealand Police (District News)
Emergency services are currently at the scene of a serious two-vehicle crash on Ashworths Rd (SH1) near Mays Road, Hurunui.
Police were called about 5.30pm.
Initial reports suggest two people have been seriously injured.
Traffic management is in place.
Motorists should avoid the area if possible.
ENDS
Fatal crash, Hadlow, Timaru District
Source: New Zealand Police (District News)
One person has died after a single-vehicle crash on Spur Road, Hadlow, in the Timaru District.
The crash was discovered about midday today and is thought to have occurred overnight.
The Serious Crash Unit is examining the scene, and diversions are in place.
Motorists should avoid the area if possible.
ENDS
Issued by Police Media Centre
Going for Growth: Overseas investment changes to drive higher wages
Source: New Zealand Government
Associate Finance Minister David Seymour has today announced the Government’s plan to reform the Overseas Investment Act and make it easier for New Zealand businesses to receive new investment, grow and pay higher wages.
“New Zealand is one of the hardest countries in the developed world for overseas people to invest in businesses, and our productivity growth is woeful. Those two facts are closely linked.
“We are introducing reforms to improve New Zealand’s overseas investment laws. The package will speed up decisions and provide more confidence to investors, while protecting our national interests.
“Overseas investment can support economic growth because when workers work with better tools and technologies, they are more productive and get paid more.
“I’ve seen the difference that overseas investment can make. I once visited two businesses in the same industry on the same afternoon. Both had skilled and passionate people with good ideas. One had overseas investment, though, and benefited in two ways. They had more money for machinery, and they had more know-how for manufacturing and marketing their product by receiving knowledge from their partners offshore.
“New Zealand’s productivity growth has closely tracked the amount of capital workers have had to work with. Our capital-to-labour ratio has seen very little growth in the last 10 years, averaging approximately 0.7 per cent annually. That’s compared to growth of around 2 percent a year in the previous 10 to 15 years. Unsurprisingly, productivity growth averaged 1.4 percent a year between 1993 and 2013, but only 0.2 percent between 2013 and 2023.
“The Government has agreed on a reform package which includes:
- better acknowledging the benefits investment can provide to New Zealand’s economy,
- for all investments aside from residential land, farmland and fishing quota, making decisions in just 15 days, unless the application could be contrary to New Zealand’s national interest,
- strengthening the Government’s ability to intervene on the rare occasion that a transaction is not in the national interest,
- giving LINZ more powers to grant consent without involving Ministers.
“High-value investments, such as significant business assets, existing forestry and non-farmland, account for around $14 billion of gross investment each year. Cabinet has agreed to remove the barriers for these investments, while retaining existing protections for residential land, farmland and fishing quota.
“Nearly every other developed country has less obstructive laws than New Zealand. They benefit from the flow of money and the ideas that come with overseas investment. If we are going to raise wages, we can’t afford to ignore the simple fact that our competitors gain money and know-how from outside their borders.”
BusinessNZ Statement – Overseas investment overhaul: NZ means business
Source: BusinessNZ
Fatal quad bike crash – Purangi, Taranaki
Source: New Zealand Police (National News)
A person died after a quad bike crash on Tarata Road, Purangi yesterday afternoon.
Police were advised at 2.30pm that a quad bike had rolled on the road, adjacent to paddocks.
The person was critically injured and tragically passed away at the scene.
Our thoughts are with their family and loved ones.
ENDS
Issued by Police Media Centre.
Biosecurity New Zealand Birkdale fruit fly update, February 23 2025
Source: Ministry for Primary Industries
MPI is providing daily 10am updates for any significant developments regarding the Oriental fruit fly response.
There is no significant update at this time. No further fruit flies have been detected. Today, our team continues its work on the ground checking traps, collecting waste from bins in the area for safe disposal, and talking to the local community, who we thank for their co-operation.
Please find our latest press release from yesterday here:
Biosecurity New Zealand media release – Birkdale fruit fly update
Oriental fruit fly response information
We appreciate your work in helping to get information out to the public.
For media queries, call 029 894 0328 or email media@mpi.govt.nz
Electric Avenue wrap-up
Source: New Zealand Police (National News)
To be attributed to Detective Senior Sergeant Karen Simmons, Operation Commander:
Christchurch put on a stunning weekend for the more than 35,000 people attending Electric Avenue each day of the two-day festival.
The event was well managed and organised, with a large security contingent which proved valuable.
Police assisted event security with fence jumpers, minor disorder and assaults, and evictions due to intoxication.
Police were generally pleased with the behaviour of the majority of those attending. However it was disappointing to see some people heavily intoxicated when they arrived at the festival. Unfortunately Police also observed a lot of people under the influence of drugs.
Crowd behaviour when people were leaving the festival was good, with only minor disorder reported in the CBD on Saturday night.
ENDS
Issued by Police Media Centre.