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The BNZ-Business New Zealand Performance of Manufacturing Index (PMI) rose 1.4 points in August to 45.8 points. Photo: 123RF Manufacturing sector activity has improved slightly, but remains deeply in contraction. The BNZ-Business New Zealand Performance of Manufacturing Index (PMI) rose 1.4 points in August to 45.8 points, its 18th consecutive month in contraction. BNZ senior economist Doug Steel said the sector had been struggling but the PMI indicated what was happening in the real economy, despite recent improvements in confidence surveys, and conditions in the sector remained challenging. "Our economic forecasts remain for the manufacturing sector to turn when the broader economy turns." The PMI's five sub-indices were all in contraction, but showed signs of improvement notably in p...

ANZ and Westpac are offering a special rate of 5.79 percent for two years. Photo: RNZ / 123rf Home loan rates are now comfortably below 6 percent on two-year terms, which have historically been a favourite of New Zealand borrowers. But opinions are mixed on whether they will prove a good option over the longer term. ANZ and Westpac are offering a special rate of 5.79 percent for two years. ASB and BNZ are offering 5.89 percent, and Kiwibank 5.99 percent. According to Reserve Bank data, the last time two-year rates were below 6 percent was in September 2022. ANZ senior economist Chris Tennent-Brown said the home loan rates were attractive. "Short term rates will need to drop significantly to make it worth paying the higher floating rates or six-month rate now. Splitting rates over differ...

Analysts are warning that net inflows of migrants could fall faster than expected. Photo: RNZ / Marika Khabazi High immigration numbers have been "papering the cracks" of the New Zealand economy, analysts say, and now that they are dropping fast, it is likely to add to the slowdown. Data on Wednesday showed the international migration rate fell to an additional 13 people per 1000 already here in the year to July, compared to 26 per 1000 in October last year. Stats NZ population indicators manager Tehseen Islam said the rate last year had been the highest since the late 1870s. Islam said 13 per 1000 was still high by international standards. ASB senior economist Mark Smith said the rate was back to the level of early 2023, and there was a risk that net inflows of migrants would fall fast...

In New Zealand, people either dislike wealthy people, or admire them, says Rod Duke. The majority share-holder and managing director of Briscoe Group shared his thoughts as part of RNZ's series, RICH: The meaning of wealth in Aotearoa. When Rod Duke became the boss of the Briscoe Group in 1988, it was illegal to sell most things on Sundays. Duke was willing to test the authorities' mettle to enforce that law. "We thought: 'What are the fines? How can I get prosecuted? What's the likelihood? How do I tell people that I'm going to be open on Sundays? How do I convince my staff to work?'" They went for it, and before long Briscoes was doing the equivalent of a month's trading on each Sunday alone. The Labour government of the time, which was in the midst of sweeping economic deregulation, was...