Weekly Digest – 27 September 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Calls grow louder for money images that better reflect New Zealand

A Wellington tauira has launched a petition calling for the Reserve Bank to replace the monarch in the next redesign of coins and notes.

KiwiSaver funds lose value

The value of KiwiSaver funds fell $1.5 billion to $87.3 billion last week. The drop is attributed to falling global sharemarkets, supply chain disruptions, and surging inflation.

Credit card loyalty program changes at BNZ

BNZ announced last week that customers will now be earning points instead of cash back. The change is part of its new loyalty scheme.

China’s economy is shrinking

As COVID-19 lockdowns continue, the official numbers from July and August show that China’s economy is officially contracting. Opinions vary on what this means for the world economy.

New Zealand’s housing market seen as the canary in the coal mine on the world stage

International economists are pointing to the drastic rise in New Zealand housing prices, followed by its recent declines, as a warning to the world for what might lie ahead for other countries.

Cryptocurrency investors falling victim to fake websites

A rising global cryptocurrency scam includes fake websites tricking investors into thinking they’re using a legitimate company.

World stocks led down by Wall Street

The US Federal Reserve made it clear on Friday that it would continue to raise interest rates in an effort to stop inflation, even if it means causing a deeper recession.

Unemployment rate is so low it’s hurting the economy

For the past few years the Reserve Bank has been trying to keep both inflation and unemployment low, but it seems they’ve done a little too well with the latter. The excess demand for workers is now contributing to inflation.

British pound may sink below $1 US

After a mini-budget announcement on Friday that revealed some questionable economic policies set out by the new Liz Truss government, the British pound sunk to its lowest level since 1985 – ending last week at US$1.09.

Passengers asked to give up seat on New York to Auckland flight due to bad weather

It’s the second time since the inaugural non-stop flight that passengers have been asked to do their part to lighten the flight load. Especially strong winds meant the plane needed space for additional fuel to avoid a stop in Fiji.

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