As the General Election fast-approaches, one of the most hotly debated pre-election topics which is proving to be very challenging for many businesses and households, is the ongoing difficult economic climate, which has seen interest rates remain high and food prices increase by 8.9% in the year to August.
Unfortunately, these economic challenges are here to stay for a little while with most economic commentators predicting that the economy is unlikely to achieve sustainable growth until next year, with the Official Cash Rate (OCR) and interest rates remaining at raised levels until late 2024 or even early 2025.
Despite these ongoing challenges, I’m happy to report that the future is not all doom and gloom as inflation appears to be coming down, albeit slowly and the housing market is finally reporting some positivity as it stabilizes, with prices expected to start creeping back up in the year ahead. Other positives are the boost to the economy as a result of increased tourism and the number of people arriving in New Zealand to take up vacant roles across a number of different business sectors.
Whatever box you decide to put your tick in on the 14th October, I sincerely hope that the next Government is able to deliver an economic future where inflation and high interest rates are a thing of the past.
I would again ask you to continue to support your local businesses by buying local and utilising locally available goods and services.
Source: Networker Magazine
Business North Harbour Staff Contacts
Kevin O’Leary – General Manager
Bernadette Roberts – Marketing & Events Manager
Sandra Craze – Transport Projects
Dave Loader – Crime Prevention Specialist
Kate Thorpe – Office Manager
Business North Harbour Office
Telephone: 09 968 2222
Address: Level 1, 322 Rosedale Road, Rosedale
Website : www.businessnh.org.nz
