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Photo: 123RF Higher incomes don't mean a lot for debt-stricken households seeking financial help, coaches and mentors say. FinCap data shows the amount of bank debt recorded in closed cases dealt with by its financial mentors increased from $177 million in the second half of last year to $272.6m in the first six months of this year. Its mentors reported that people refixing larger home loans at higher rates were part of the increase, because more people with mortgages were being supported by financial mentors. Banking Ombudsman Nicola Sladden said her organisation had also noticed a debt crunch. There was a spike in hardship and debt collection cases in July, she said. "High interest rates and cost of living pressures contribute to the volume of the hardship related cases we see. Many of...

Inland Revenue data shows that New Zealand influencers are on average making less than the minimum wage. Photo: 123rf New Zealand influencers are on average making less than the minimum wage, even when it is their main stream of income. New data released by Inland Revenue based on annual tax returns shows what people are making when working as influencers online - often being paid by companies that want to promote products to their followers. The data covers self-employed or "other" income declared in the most recent tax year and does not include people working for an organisation or business. Inland Revenue said there were 181 people who fit the definition. For 36 percent, influencer income was their main income source. This group had an average income of $46,248.01 in the most recent ...

Photo: 123RF A consumer watchdog is challenging Meridian Energy's claim that households are spending proportionally less on their power bills because electricity prices are not rising as fast as other expenses. Meridian released its annual report on Wednesday, showing a net profit more than 4.5 times greater than last year. But while big manufacturing companies like Panpac and Winstones have shut down production to cut costs, most households are yet to see big bumps in their power bills. That is according to the companies that generate and sell electricity - commonly referred to a gentailers. Despite its massive profit, Meridian's chief executive Neal Barclay told RNZ the percentage of household spending being directed at power bills had actually gone down over the past decade. "For most...

Photo: Alexa Cook/RNZ The proposed closure of two large North Island mills is already hurting the local economy in Raetihi, with people moving away and businesses feeling the pinch. The forest products company Winstone Pulp International is looking at closing its entire operation due to high wholesale power prices, which will result in 230 jobs lost. Raetihi's Coach Cafe and Takeaways owner Angie Robson told RNZ it has been much quieter since the mill announced its plans to close last week. "The first day they mentioned it we stood around for an hour and a half in the evening, and we've never ever stood around and done nothing. "People are just being really careful, they're not spending, some already moving out of town," she said. Raetihi's Coach Cafe and Takeaways has been quiet sinc...

ANZ's economists are predicting house prices will rise 4.5 percent next year. Photo: RNZ / Nate McKinnon A stronger-than-expected housing market rebound is a possibility as interest rates fall, the country's biggest bank says. ANZ's economists expect a small fall in house prices over this year, and values to stabilise towards the end. Next year, they expect prices to pick up 4.5 percent - a little less than BNZ's forecast of 7 percent. They earlier said that the recovery from this downturn is harder to predict because it has been a policy-induced recession rather than something caused by external factors. It was not clear how much activity, including the housing market, was simply deferred rather than cancelled, they said. They said were some early signs that the housing market might bo...