As we wait for the announcement from Auckland Council in the next few months regarding how they intend to deal with the significant hole in their budget that I noted last month, the financial pressure continues to build on businesses as the Reserve Bank once again raised the Official Cash Rate (OCR) in an attempt to bring the high level of inflation under control. The latest rise takes the OCR to its highest level since 2008, meaning that most of us are now waiting with bated breath to see how interest rates will be affected, sadly I’m not sure that there will be any positive news.
Unfortunately for many of our businesses, this challenging and volatile economic environment means that a number of business owners, rather than celebrating their survival through the pandemic and looking forward to an economically sustainable future, are now scrambling to meet the increased costs of outstanding loans, goods and services and the latest increase in the minimum wage. This additional financial pressure, when added to the already well-documented challenges of staff shortages, supply chain issues and recent weather events, makes owning a business a very difficult proposition for many. Hopefully, survival throughout the pandemic has made businesses far more resilient and resourceful, giving them the tenacity and flexibility to cope with the ongoing difficult economic climate.
In closing, I would once again ask you to please continue to support your local businesses by buying local.
Business North Harbour Staff Contacts
Kevin O’Leary – General Manager
Bernadette Roberts – Marketing & Events Manager
Sarah de Zwart – Relationship Manager/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