More than a third of New Zealanders wouldn't be able to pay more than a month's worth of rent and bills if they lost their jobs, according to a new survey.
The latest stark financial picture faced by many Kiwis has been commissioned by the Financial Services Council.
Their study of 2000 New Zealanders is the first in a three-part research series into how Kiwis feel about money and how it impacts their lives.
It found that money worries are a cause of stress for many, with young New Zealanders the least prepared for a loss of income.
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Housing market plummets
New Zealand’s housing market has taken a hammering through the Covid-19 outbreak with a massive drop in the number of properties sold last month compared to the same time last year.
According to the latest data from the Real Estate Institute of New Zealand (REINZ), the number of house sales in May dipped by 46.6 per cent .
The figures also show it’s taking much longer to sell a house, with the average of 58 days the longest time in nearly a decade.
And while house prices have continued to rise nationally, there are signs of a slowdown, with four districts in Auckland seeing a fall in prices from April to May.
NZ’s tills ringing – but for how long?
With the country’s shops open without restrictions at Level 1, the latest Paymark figures show Kiwis are currently buying at the same rate as this time last year.
However, there are predictions the bounce in spending is due to pent-up demand. Some economists say it will take a year before spending is consistently at pre-Covid levels.
And there’s good news for consumers’ food spend with the latest data showing food prices have had their largest monthly drop in nearly three years.
One of the biggest drops was for the food synonymous with millennials, avocados , with a 62 per cent decrease in price. With cafes and restaurants still closed for the first half of May, New Zealand saw a surplus of avocados last month, driving down their usual prices for this time of year.
‘Shovel-ready’ projects selected
The Government is fast-tracking 11 infrastructure projects as it looks to rebuild the economy in the wake of Covid-19.
The first tranche of projects approved for the new, much shorter consenting process include high density housing around the country, an upgrade of State Highway 1 between Papakura and Drury and the Auckland Harbour Bridge SkyPath. (You can find the full list of fast-tracked projects here .)
Greenpeace has raised its concerns about the potential impact of the new fast-track consenting process on the environment, however the Government maintains environmental safeguards remain for the infrastructure projects.
Labour reveals list line-up
Labour unveiled its party list ahead of the September election yesterday with the notable addition of Dr Ayesha Verrall.
The infectious diseases expert, who came to national prominence during the Covid-19 lockdown, has rocketed to number 18 on the list.
Meanwhile, Health Minister David Clark slides eight places, now sitting at number 17.
You can find the full party list here .
One week for Avatar exemption
The Oscar-winning producer of Avatar says it took just one week for his team to be granted an exemption to re-enter New Zealand following the Covid-19 lockdown.
There are allegations the film crew has been given special treatment, but Jon Landau told Q+A’s Jack Tame they approached the application early and followed strict quarantine rules.
Mr Landau says the Avatar project will benefit New Zealand’s economy with jobs for 400 Kiwis and projections of a $70 million spend in the next five months.
Other news of note this morning:
A strong 5.1 magnitude earthquake has rocked the Bay of Plenty.
The Herald reports MPs are still receiving full salaries two months after Jacinda Ardern said they’d take a Covid-related pay cut.
Police have arrested a person in relation to an aggravated burglary that saw a Wairarapa man threatened with a shotgun in his own home.
Survivors of the Christchurch mosques shooting have met with those who donated the blood that helped keep them alive last year.
The US Supreme Court has ruled that employers who fire workers for being gay or transgender are breaking the country's civil rights laws.
A couple whose Auckland wedding didn't go ahead in lockdown are heading to court to get a refund from their venue.
And Hamilton or Kirikiriroa? Stuff reports a former Hamilton mayor is calling on the local council to let residents decide the name of their city.
And finally...
While the latest housing data might show a big drop in property sales, house prices themselves haven’t plummeted.
And with the consent process for renovations freed up recently, many homeowners might be asking whether it’s worth adding another room to their humble abode.
Seven Sharp decided to investigate exactly that – and found that in at least one region of the country, adding an extra room can actually reduce your home’s value .
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