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Economic overview

Amidst a shortage of industrial property available for lease in one of New Zealand’s fastest growing regions, a new tranche of six warehouse-office buildings at Hamilton's Te Rapa Gateway industrial park have been put on the market for lease off the plans.

By Michael McCarthy, chief market strategist, CMC Markets and Stockbroking

Activity in New Zealand’s services sector softened in June, according to the BNZ - BusinessNZ Performance of Services Index (PSI).

For the first time since the introduction of the Licensed Building Practitioners (LBP) scheme, an unlicensed builder has been prosecuted by the Ministry of Business, Innovation and Employment under the Crimes Act 1961.

May 2019 saw 219,300 visitor arrivals and 235,200 New Zealand resident arrivals, Stats NZ said today.

"May is typically a quiet month for international travel to New Zealand," population indicators manager Tehseen Islam said.

Annual net migration was provisionally estimated at 50,200 (± 800) in the year ended December 2018 compared with 52,600 in the previous year, Stats NZ said today.

"Net migration has remained high since 2014, with a peak in 2016," population indicators manager Tehseen Islam said.

Over 115,000 New Zealanders will receive a welcomed addition to their bank accounts today as The Co-operative Bank shares its annual rebates pay out. This year’s $2.1 million rebate takes the total amount of profits the Bank has shared with its customers since 2013 to more than $12 million.

The Employment Relations Authority (ERA) has ordered a South Auckland petrol station, Mittal and Son Limited (MSL), trading as Mobil Porchester Road, to pay $20,000 for breaches, likened to the workers having to pay a premium to keep their jobs.

Urban expansion brings commercial property investment opportunities onto the market

A portfolio of four retail units within new development projects in Queenstown - encompassing both commercial accommodation and mixed-use residential sites - has been placed on the market for sale.