Having returned to work hopefully refreshed and ready to meet whatever challenges may lie ahead, after what I trust was an enjoyable break, can we afford to be optimistic about the economic climate and business performance as we welcome a new year?
The latest inflation figures released at the end of January show the Consumer Price Index (CPI) increased by 2.2% in the December 2024 quarter compared to the December 2023 quarter. This is the second consecutive quarter that the annual inflation rate has been within the Reserve Bank of New Zealand’s (RBNZ) target band of 1 to 3% which is good news given our recent much higher levels of inflation.
Consecutive reductions in the Official Cash Rate (OCR) late last year triggered reductions in some interest rates by the banks. These reductions, which have recently been continued by some banks, have provided welcome relief and although for some their impact may take some time to have an effect, it’s certainly a move in the right direction.
Despite these positive signs, we’re not out of the woods with ongoing rising unemployment and Finance Minister Nicola Willis revealing late last year that the Government books were in a worse position than expected. In the recent Cabinet reshuffle, the economy and our economic recovery were once again prioritised by the Government and although only time will tell, this will hopefully lead to an improved economic climate from which we can all benefit.
In closing, please keep shopping local!
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,
