Property · Building · Design
The COVID pandemic, which has caused the world’s largest and longest economic shutdown since the Great Depression of 1930, will continue to damage the global economy. Economic growth and inflation will fall, while unemployment rises, both at home and overseas.
Since the COVID-19 outbreak, debate over whether property prices will fall has remained intense, with economists putting forward competing views and evidence. Yet the latest May reports from property companies still show no signs of a potential slowdown in the property sales market. Strong demand, insufficient supply and high prices remain the defining features of the May housing market.
As one of New Zealand’s mainstay industries, construction is seen as a barometer of economic recovery while the outlook for sectors such as tourism and education remains uncertain. Its future concerns both industry participants and everyone worried about New Zealand’s economic prospects. Can construction regain its footing in the post-pandemic era?
The sudden pandemic has transformed the rental market in just two months. What issues will property investors face in the short and long term? Today’s article answers your questions one by one.
Yesterday, New Zealand’s Minister for Building and Construction, Jenny Salesa, announced an expansion of building consent exemptions under the existing Building Act, aiming to ease the burden on both property owners and councils.
Over the past month or so, the New Zealand Government has again lowered the official cash rate to support the domestic economy affected by COVID-19, and the Reserve Bank of New Zealand has indicated that rates still have room to fall further. Meanwhile, attracted by lower mortgage rates, more New Zealanders are considering breaking their existing fixed-rate home loan contracts. What is the most beneficial choice? Although experts have different views, their ultimate conclusions seem to converge.
Section 55 of the Credit Contracts and Consumer Finance Act 2003 ("CCCFA") provides that individuals who cannot meet their obligations under a consumer credit contract because of illness, a workplace injury, unemployment, the end of a relationship such as a marriage, or another reasonable cause, and who reasonably expect to discharge their obligations if the contract terms are changed, may apply to their creditor under the CCCFA for agreement to appropriate changes.
Although the Government continues to introduce policies to protect jobs, reports of pay cuts and job losses caused by the COVID-19 pandemic keep appearing in the news and on social media. Employees on work visas and people applying for residence face the greatest anxiety. Lockdown has ended, but a wave of unemployment has quietly begun.
To soften the impact of the COVID-19 pandemic and swiftly rescue and revitalise New Zealand’s economy, the Government has announced an expert group to seek shovel-ready projects and additional infrastructure investment. It also plans to pass legislation in June to fast-track approvals for shovel-ready projects.
Yesterday (14 May), Finance Minister Grant Robertson presented the 2020 Budget, themed “Rebuilding Together”, in circumstances more difficult than those faced by any of his predecessors. Staples Rodway tax specialist Mike Rudd analyses what the Budget will mean for New Zealand's small and medium businesses. We also look at which industries stand to benefit from this NZ$50,000,000,000 Budget.
How can you minimise your chances of redundancy? If losing your job is unavoidable, how can you secure the best possible outcome? Where can you get help if you face unemployment? Today, we again ask lawyer Joy Yuan and legal executive Elaine Li of Turner Hopkins to discuss some of the issues concerning employees.
Applications for the Small Business Cashflow Scheme (SBCS) officially open today. This one-off, government-backed loan scheme was introduced by the New Zealand Government to help small and medium businesses affected by the pandemic survive and maintain the cash flow needed for normal operations. Loans are reportedly paid out within five days of approval. Joey Wen, a chartered accountant at Fuel Accounting, has prepared this timely step-by-step guide to applying.