New Zealand’s upcoming GST rate increase could result in the prices of items rising by more than the prescribed amount, with retailers potentially using the time to charge extra. Over the weekend several researchers and retailers in New Zealand claimed that the upcoming GST rate increase would be used by some sellers to increase their prices above the prescribed rate. According to John Albertson, Chief Executive of the Retail Association, claimed that some retailers might attempt to round-up their prices after the increase, ... Read More

The New Zealand current account deficit has reached its lowest level in twenty years, in the year to March. On June 23rd Statistics New Zealand released the latest current account deficit figures, revealing a decrease in the country’s current account deficit. For the year ended March 2010 the current account deficit was NZD 4.5 billion, compared to NZD 14.6 billion for the same period a year ago. The latest figure translates to 2.4 percent of the national GDP, the lowest recorded level since ... Read More

The New Zealand Government has reported a fourth quarter of Gross Domestic Product (GDP) growth for the economy, but emphases the need to ensure sustainability. On June 24th the New Zealand Government released a statement announcing a GDP growth figure of 0.6 percent for the March quarter. Additionally, the Government revised its growth estimates for the December quarter, from 0.8 percent to 0.9 percent. Bill English, Finance Minister of New Zealand, commented on the economic results, saying, "The continuing recovery is good news. ... Read More

The New Zealand Government has launched a Goods and Service Tax (GST) advisory panel, to help businesses transition to an increased tax rate on October 1st. On June 21st the New Zealand Inland Revenue Department (IRD) announced the launch of the GST Advisory Panel. According to Peter Dunne, New Zealand Revenue Minister, the panel was created to aid the GST-rate transition for the generation of businesses who have not have not yet faced a sales tax increase. Peter Dunne explained that the Advisory Panel ... Read More