AGP Executive Report
Last update: 8 hours agoTrade: The India–New Zealand FTA takes effect Tuesday, giving Indian goods immediate duty-free access on covered lines. Tariff cuts for New Zealand exports will be phased in over up to 10 years, with both countries targeting NZ$7 billion in goods and services trade by 2030. Rates and inflation: Banks forecast September-year inflation of 3.7% to 4%, down from 4.1% in June. Dearer fuel and a weaker kiwi keep an October OCR rise on the table for ANZ, while Westpac expects a pause until December. Markets: The NZX 50 fell 0.7% to 13,652, with Infratil weighed by concerns over AI infrastructure spending. A2 Milk and Fonterra gained as stronger Chinese growth lifted exporters. Household budgets: Asking prices for apartments, townhouses and units dropped 4% in the year to September, including nearly 8% in Auckland. Fixed mortgage rates for two to five years are now above 5%. NZIER warns higher KiwiSaver contributions could leave some households with less emergency cash and slower mortgage repayments. Business pulse: Services activity extended its growth run to four months in September, though momentum cooled. Higher fuel costs also widened the annual trade deficit to NZ$1.97 billion.
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