Category New Zealand Finance

Kiwisaver Markets Needs More Competition and Consumer Education

June 7, 2016 New Zealand Finance

A lack of financial knowledge among Kiwisaver customers could be leading to a lack of competition on the market, and, ultimately higher fees and lower returns.

New analysis conducted by researchers at the New Zealand Treasury indicate that Kiwisaver providers do not appear to be competing heavily on their fees or returns.

The researchers concluded that the market for Kiwisaver providers is relatively inelastic, and large established providers have little, if any, incentive to drop their fees to attract new customers.

There is also very little competition for returns among Kiwisaver funds, as these are often dominated by large and established balanced funds, which see little variance in investment targets between providers.

It was proposed that the lack of competition can be partially a...

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Food Prices Rise in New Zeland

May 12, 2016 New Zealand Finance

Tinkerbell Dairy - DannevirkePrices of food fruits and vegetables in New Zealand have risen, although meat and grocery items have become cheaper.

In a press release on May 12th Statistics New Zealand showed that in the year ending April 2016 the price of food in New Zealand rose by 0.5 percent.

The overall rise in the price of food was attributed to a disproportionate increase in the cost of fruits and vegetables, which rose by 8.9 percent.

Over the month of April alone, the price of fruits and vegetables rose by 6.3 percent, although the levels falls to 4.8 percent after seasonal adjustments are taken into account.

It was shown that the hike in prices was led mainly by tomatoes and avocados.

Conversely, the price of grocery items decreased by 1...

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New Zealand and China Ease Customs Procedures

April 20, 2016 New Zealand Finance

Exporters in China and New Zealand will see eased customs requirements in the near future.

New Zealand will be the first country to have a Joint Electronic Verification (JEV) with China for imports and exports, according to information in a press release issued by Customs Minister Nicky Wagner on April 19th.

The JEV will be an electronic data system accessible by Customs in China in New Zealand containing information regarding imports and exports between the two countries.

Currently, goods exported between China and New Zealand may qualify for tariff reductions not available on goods coming from other countries.

However, in order to enjoy the reduced tariffs, the exporter must provide a Certificate of Origin to show that the goods do originally come from either China or New Zealand.

The J...

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Tourist Bookings Surge in NZ Over February

April 12, 2016 New Zealand Finance

Ruapehu tourist taxGood weather and extra days off have helped continue a two year streak of increased booking for accommodation by tourists in New Zealand.

Consistently warm weather and this year’s leap day has helped boost the number bookings for accommodation by tourists, according to new information released on April 12th by Statistics New Zealand.

The new data shows that in February 2016 the number of national guest nights in New Zealand rose by 7 percent compared to February 2015.

The rise in February follows on from a significant rise in January 2016, and a series of further monthly improvements stretching back for almost 2 years.

In February all regions in New Zealand saw an increase in the number of accommodation nights, and the improvements were spread across all types of accommodation.

The Sou...

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