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Job growth fell in seven of the 16 regions, and significantly in Tai Rāwhiti Gisborne Photo: RNZ / Tom Kitchin New Zealand's economic crunch is deepening and things are likely to get worse before they get better, a new report suggests - but the effect of the downturn hasn't been felt evenly across the country. Infometrics has released its latest quarterly economic monitor, which indicates that economic activity in the June quarter was 0.2 percent per annum lower than a year ago, turning year-end activity into a fall of -0.2 percent. "The economy is clearly weaker, with households tightening their belts as unemployment rises and job security deteriorates. Businesses are reporting lower sales and limiting further hiring," said Infometrics chief executive Brad Olsen. "Economic sentiment re...

Pine forestry offers a tempting alternative for land use that has economic and environmental benefits, researchers say. Photo: Rivers and lakes could be cleaned up with profits still generated for landowners by converting sheep and beef farms to pine trees, according to a new paper from the Our Land and Water science challenge. But the authors questioned whether New Zealanders want a sea of pine. Four different research projects, using different models and involving different researchers, all found New Zealand was heading towards having many more pine trees. The big push to pine was being driven by a combination of attractive prices for carbon credits generated by pine trees, the poor economics of sheep and beef and the need to improve water quality. All three factors together were goi...

Photo: Supplied / Transpower Transpower is expected to reveal on Thursday whether or not it will let generators take more water from hydro lakes to combat the current power shortage. It wants to increase the buffer applied in calculating the Contingent Storage Release Boundary (CSRB) from 50 GWh to 320 GWh from 1 September 2024 until 1 October 2024. Latest figures from Transpower show national hydro storage is at 55 percent and is among the lowest levels ever recorded for this time of year. 'Severe effects' on the environment The idea was open for consultation, with 11 submissions made in total. One was from The Guardians of Lake Hāwea, a group who ensure that Lake Hāwea's water quality, biodiversity and ecosystems are maintained and managed sustainable and safely. Chair Geoff Kernick s...

Du Val Group has been placed in statutory management. File picture. Photo: nito500/123RF Government puts Auckland property developer Du Val Group and subsidiaries into statutory management Minister says group has significant liabilities and affairs complex Work to continue on active building projects Statutory management rarely used Authorities have tightened their control of Auckland property investor and developer Du Val Group by having it placed in statutory management. The government sought orders from the Governor General on the advice of financial regulator, the Financial Markets Authority (FMA), which initially had the group placed in receivership in early August. Commerce Minister Andrew Bayly said the Du Val group had significant liabilities and its position was so comple...

A number of parents who had taken paid parental leave complained they had been tax bills of thousands of dollars. (Stock image) Photo: Supplied/ NZ Human Rights Commission Nearly 30 percent of people who take paid parental leave are then sent tax bills, Inland Revenue data shows. Earlier this year, a number of parents who had taken paid parental leave complained they had been handed bills of thousands of dollars. Tax data from Inland Revenue shows that the number of people who had been on paid parental leave in the last tax year and ended up with a bill was on par with recent years. There were 13,261 paid parental leave recipients who had been found to owe tax in the 2024 year, or 27 percent. That compared to 28 percent last year and 29 percent the year before. Deloitte tax partner Roby...