Monthly Archives February 2012
February 16, 2012 New Zealand Finance
The cost of living in Wellington is on par with living London, and Auckland is even more expensive.
On February 14th the Economist Intelligence Unit released the latest edition of its annual Worldwide Cost of Living report, detailing the most expensive cities in the world in which to live. The study found that Zurich and Tokyo were the priciest areas, although Auckland and Wellington were still in the top 20.
According to the Economist Intelligence Unit, Auckland is the 15th most expensive city in the world in which to live, although it was ranked only 24th in the 2010 report. Wellington is currently ranked as the 17th most expensive city in the world, and is on par with London.
The editor of the Economist Intelligence Unit Jon Copestake suggested that the high cost of living seen in Auck...Read More
February 14, 2012 New Zealand Taxation
The Auckland City Council’s plan to instate several new taxes has been dashed following comments made by the Prime Minister of New Zealand.
While giving a television interview on February 13th, the Prime Minister of New Zealand John Key indicated that the government would not approve a request by the Auckland City Council to raise a number of local taxes in order to help pay for new infrastructure projects.
Earlier last week the Auckland City Council revealed that it is currently investigating the feasibility of increasing taxes levied throughout the region to help raise an extra NZD 2.4 billion, in order to pay for a new inner-city rail system...Read More
February 13, 2012 New Zealand Finance
New Zealand’s minimum wage is going up, but business associations and some politicians have already said that the increase is not appropriate in the current economic environment.
From April 1st 2012 the minimum wage rate in New Zealand will rise by NZD 0.50 to NZD 13.50 per hour, and the minimum wage for trainees and new entrants will also increase from NZD 10.40 to NZD 10.80 per hour. When the raised rate is fully implemented, a full time worker who is earning a minimum wage will see their pay increase by NZD 20 per week, equivalent to approximately NZD 1000 per year.
The Labour Minister of New Zealand Kate Wilkinson said that the new wage rate “… strikes the right balance” between improving the livelihoods of low paid workers and ensuring that there is no negative impact on employment l...Read More
February 3, 2012 New Zealand Taxation
The Inland Revenue Department has released its briefing for the incoming Revenue Minister, saying that New Zealand needs to tweak the national welfare system and upgrade its tax infrastructure.
On February 2nd the Inland Revenue Department (IRD) released the briefing for the incoming Revenue Minister of New Zealand, outlining the current state of the national tax system, which it deemed as strong and stable, saying “…New Zealand’s tax system is in a good place. The tax bases are broad, robust and provide reliable sources of revenue to fund Government pro grammes. The broad tax bases and the relatively low tax rates make the tax system among the most coherent in the OECD.”
It was suggested to the Revenue Minister that the government needs to evaluate the overall effectiveness of the curre...Read More