AGP Executive Report
Last update: an hour agoJobs: New Zealand’s unemployment rate rose to 5.7% in the September quarter, an 11-year high, with long-term joblessness also climbing. The figures land days before the election and underline pressure on households and employers. Inflation and Rates: The Reserve Bank held the OCR at 2.75% despite forecasting inflation at 4.4% by Christmas; its committee split 4–3, highlighting disagreement over the policy response. Election: A final poll puts the main blocs level at 60 seats each, pointing to a possible hung Parliament and uncertainty over the next government’s economic direction. Investment and Finance: Solar developer Lightyears secured $174 million from Japanese and Australian investors to accelerate New Zealand projects, while Revolut’s bank registration opens the way for it to offer savings accounts and credit cards locally. Retail: David Jones faces possible administration and store closures after reportedly stopping rent payments; one of its 38 Australia and New Zealand stores is in Auckland.
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