Latest news with #Jobseekers
The Advertiser
5 days ago
- Business
- The Advertiser
New Zealand enjoys GDP bump of 0.8 per cent in Q1
New Zealand's economy is rebounding towards better health, posting 0.8 per cent GDP growth in the first three months of the year. However, the Kiwi economy is still 1.1 per cent smaller than it was a year ago, such was the damage from a 2024 recession, with warnings of dire times and tough choices ahead. On Thursday, Stats NZ revealed growth figures for Q1 2025, which improved on predictions from the Reserve Bank (RBNZ)of an 0.4 per cent uptick. "Nine of the 16 industries increased, with the largest rises in business services and manufacturing," spokesperson Katrina Dewbery said. The quarterly jump is the best result in almost two years, with GDP per capita was also up in the March quarter, growing by 0.5 per cent. Acting prime minister David Seymour called the result "a tribute to New Zealanders" and Finance Minister Nicola Willis described it as "great news". "Hard working people have knuckled down through a very challenging period and today's figure summarises that," Mr Seymour said. While politicians were pleased at the result, there's little doubt New Zealand is in a tough spot economically. Two particularly troubled industries - mining and construction - posted growth of 1.0 and 0.5 per cent in the quarter, but are down 11.2 and 9.3 per cent over the last year. BNZ senior economist Doug Steel said more recent data on services (two-thirds of the Kiwi economy) and manufacturing looked "nothing short of disastrous". "There are clear warnings that the New Zealand economy has hit a brick wall in Q2 and this is despite the substantial revenue growth flowing from the agricultural sector," he wrote. "Many businesses noted reduced demand and falling revenues due to rising costs, economic uncertainty and low consumer confidence." Mr Steel said it made a clear argument for further stimulus from the country's central bank, which has already eased the official cash rate from 5.5 per cent last August to the current position of 3.25 per cent. However, other banks point to the above-expectations headline GDP data as a reason to hold fire at the bank's meeting next month. "We think the RBNZ will pause in July. Beyond that, it's a tightrope walk of what seems to be stagflationary risks. We do not envy the hand our friends (at the RBNZ) have been dealt," ASB Chief Economist Nick Tuffley said. Council of Trade Unions chief economist Craig Rennie said the GDP figures showed the government's failure to spark the economy. The right-leaning coalition, led by Chris Luxon, took office in November 2023 and has reined in public spending at a time when many, including the CTU, argued for a fiscal boost. "The economy is still smaller than at the election in real terms. With more recent data suggesting that the economy is struggling to grow, there is a real danger that we return to slow, no, or negative growth," Mr Rennie said. "There are 23,000 more people on Jobseekers (benefit) this year. 48 per cent of workers in New Zealand got a pay cut in real terms. Business and consumer confidence are at levels associated with recessions. "One quarter of data shouldn't blind the government of the need for change." New Zealand's Q1 bump is healthy compared to Australia's 0.2 per cent increase in the same three months - though New Zealand's 1.1 per cent contraction over the last 12 months is well short of Australia's 1.3 per cent growth. New Zealand's economy is rebounding towards better health, posting 0.8 per cent GDP growth in the first three months of the year. However, the Kiwi economy is still 1.1 per cent smaller than it was a year ago, such was the damage from a 2024 recession, with warnings of dire times and tough choices ahead. On Thursday, Stats NZ revealed growth figures for Q1 2025, which improved on predictions from the Reserve Bank (RBNZ)of an 0.4 per cent uptick. "Nine of the 16 industries increased, with the largest rises in business services and manufacturing," spokesperson Katrina Dewbery said. The quarterly jump is the best result in almost two years, with GDP per capita was also up in the March quarter, growing by 0.5 per cent. Acting prime minister David Seymour called the result "a tribute to New Zealanders" and Finance Minister Nicola Willis described it as "great news". "Hard working people have knuckled down through a very challenging period and today's figure summarises that," Mr Seymour said. While politicians were pleased at the result, there's little doubt New Zealand is in a tough spot economically. Two particularly troubled industries - mining and construction - posted growth of 1.0 and 0.5 per cent in the quarter, but are down 11.2 and 9.3 per cent over the last year. BNZ senior economist Doug Steel said more recent data on services (two-thirds of the Kiwi economy) and manufacturing looked "nothing short of disastrous". "There are clear warnings that the New Zealand economy has hit a brick wall in Q2 and this is despite the substantial revenue growth flowing from the agricultural sector," he wrote. "Many businesses noted reduced demand and falling revenues due to rising costs, economic uncertainty and low consumer confidence." Mr Steel said it made a clear argument for further stimulus from the country's central bank, which has already eased the official cash rate from 5.5 per cent last August to the current position of 3.25 per cent. However, other banks point to the above-expectations headline GDP data as a reason to hold fire at the bank's meeting next month. "We think the RBNZ will pause in July. Beyond that, it's a tightrope walk of what seems to be stagflationary risks. We do not envy the hand our friends (at the RBNZ) have been dealt," ASB Chief Economist Nick Tuffley said. Council of Trade Unions chief economist Craig Rennie said the GDP figures showed the government's failure to spark the economy. The right-leaning coalition, led by Chris Luxon, took office in November 2023 and has reined in public spending at a time when many, including the CTU, argued for a fiscal boost. "The economy is still smaller than at the election in real terms. With more recent data suggesting that the economy is struggling to grow, there is a real danger that we return to slow, no, or negative growth," Mr Rennie said. "There are 23,000 more people on Jobseekers (benefit) this year. 48 per cent of workers in New Zealand got a pay cut in real terms. Business and consumer confidence are at levels associated with recessions. "One quarter of data shouldn't blind the government of the need for change." New Zealand's Q1 bump is healthy compared to Australia's 0.2 per cent increase in the same three months - though New Zealand's 1.1 per cent contraction over the last 12 months is well short of Australia's 1.3 per cent growth. New Zealand's economy is rebounding towards better health, posting 0.8 per cent GDP growth in the first three months of the year. However, the Kiwi economy is still 1.1 per cent smaller than it was a year ago, such was the damage from a 2024 recession, with warnings of dire times and tough choices ahead. On Thursday, Stats NZ revealed growth figures for Q1 2025, which improved on predictions from the Reserve Bank (RBNZ)of an 0.4 per cent uptick. "Nine of the 16 industries increased, with the largest rises in business services and manufacturing," spokesperson Katrina Dewbery said. The quarterly jump is the best result in almost two years, with GDP per capita was also up in the March quarter, growing by 0.5 per cent. Acting prime minister David Seymour called the result "a tribute to New Zealanders" and Finance Minister Nicola Willis described it as "great news". "Hard working people have knuckled down through a very challenging period and today's figure summarises that," Mr Seymour said. While politicians were pleased at the result, there's little doubt New Zealand is in a tough spot economically. Two particularly troubled industries - mining and construction - posted growth of 1.0 and 0.5 per cent in the quarter, but are down 11.2 and 9.3 per cent over the last year. BNZ senior economist Doug Steel said more recent data on services (two-thirds of the Kiwi economy) and manufacturing looked "nothing short of disastrous". "There are clear warnings that the New Zealand economy has hit a brick wall in Q2 and this is despite the substantial revenue growth flowing from the agricultural sector," he wrote. "Many businesses noted reduced demand and falling revenues due to rising costs, economic uncertainty and low consumer confidence." Mr Steel said it made a clear argument for further stimulus from the country's central bank, which has already eased the official cash rate from 5.5 per cent last August to the current position of 3.25 per cent. However, other banks point to the above-expectations headline GDP data as a reason to hold fire at the bank's meeting next month. "We think the RBNZ will pause in July. Beyond that, it's a tightrope walk of what seems to be stagflationary risks. We do not envy the hand our friends (at the RBNZ) have been dealt," ASB Chief Economist Nick Tuffley said. Council of Trade Unions chief economist Craig Rennie said the GDP figures showed the government's failure to spark the economy. The right-leaning coalition, led by Chris Luxon, took office in November 2023 and has reined in public spending at a time when many, including the CTU, argued for a fiscal boost. "The economy is still smaller than at the election in real terms. With more recent data suggesting that the economy is struggling to grow, there is a real danger that we return to slow, no, or negative growth," Mr Rennie said. "There are 23,000 more people on Jobseekers (benefit) this year. 48 per cent of workers in New Zealand got a pay cut in real terms. Business and consumer confidence are at levels associated with recessions. "One quarter of data shouldn't blind the government of the need for change." New Zealand's Q1 bump is healthy compared to Australia's 0.2 per cent increase in the same three months - though New Zealand's 1.1 per cent contraction over the last 12 months is well short of Australia's 1.3 per cent growth. New Zealand's economy is rebounding towards better health, posting 0.8 per cent GDP growth in the first three months of the year. However, the Kiwi economy is still 1.1 per cent smaller than it was a year ago, such was the damage from a 2024 recession, with warnings of dire times and tough choices ahead. On Thursday, Stats NZ revealed growth figures for Q1 2025, which improved on predictions from the Reserve Bank (RBNZ)of an 0.4 per cent uptick. "Nine of the 16 industries increased, with the largest rises in business services and manufacturing," spokesperson Katrina Dewbery said. The quarterly jump is the best result in almost two years, with GDP per capita was also up in the March quarter, growing by 0.5 per cent. Acting prime minister David Seymour called the result "a tribute to New Zealanders" and Finance Minister Nicola Willis described it as "great news". "Hard working people have knuckled down through a very challenging period and today's figure summarises that," Mr Seymour said. While politicians were pleased at the result, there's little doubt New Zealand is in a tough spot economically. Two particularly troubled industries - mining and construction - posted growth of 1.0 and 0.5 per cent in the quarter, but are down 11.2 and 9.3 per cent over the last year. BNZ senior economist Doug Steel said more recent data on services (two-thirds of the Kiwi economy) and manufacturing looked "nothing short of disastrous". "There are clear warnings that the New Zealand economy has hit a brick wall in Q2 and this is despite the substantial revenue growth flowing from the agricultural sector," he wrote. "Many businesses noted reduced demand and falling revenues due to rising costs, economic uncertainty and low consumer confidence." Mr Steel said it made a clear argument for further stimulus from the country's central bank, which has already eased the official cash rate from 5.5 per cent last August to the current position of 3.25 per cent. However, other banks point to the above-expectations headline GDP data as a reason to hold fire at the bank's meeting next month. "We think the RBNZ will pause in July. Beyond that, it's a tightrope walk of what seems to be stagflationary risks. We do not envy the hand our friends (at the RBNZ) have been dealt," ASB Chief Economist Nick Tuffley said. Council of Trade Unions chief economist Craig Rennie said the GDP figures showed the government's failure to spark the economy. The right-leaning coalition, led by Chris Luxon, took office in November 2023 and has reined in public spending at a time when many, including the CTU, argued for a fiscal boost. "The economy is still smaller than at the election in real terms. With more recent data suggesting that the economy is struggling to grow, there is a real danger that we return to slow, no, or negative growth," Mr Rennie said. "There are 23,000 more people on Jobseekers (benefit) this year. 48 per cent of workers in New Zealand got a pay cut in real terms. Business and consumer confidence are at levels associated with recessions. "One quarter of data shouldn't blind the government of the need for change." New Zealand's Q1 bump is healthy compared to Australia's 0.2 per cent increase in the same three months - though New Zealand's 1.1 per cent contraction over the last 12 months is well short of Australia's 1.3 per cent growth.
Scoop
5 days ago
- Business
- Scoop
Economic Growth Still In The Hole Dug In 2024
Data released by Stats NZ today shows that the economy grew on a quarterly basis by 0.8% but fell on an annual basis by 1.1% said NZCTU Te Kauae Kaimahi Economist Craig Renney. 'This is positive data for the first quarter of this year, but the fact that the economy is about the same size it was in March 2023 tells you that essentially we have had almost zero economic growth (0.3%) over the past two years.' 'GDP per capita ($52,872) is now lower than it was in March 2022 ($53,100). It took another fall on an annual basis of 2.4%. There were falls in 11 of the 16 sectors of the economy annually – led by construction (-9.3%), wholesale trade (-3.6%) , and business services (-2%). Both goods producing industries and service industries saw contraction this year.' 'The data shows that workers incomes aren't keeping up with profits. Stats NZ shows that compensation of employees rose 1.5% this quarter before inflation. Gross operating surplus and gross mixed incomes (a broad measure of profit) rose 2%. Employee compensation was revised down in the December quarter to -0.2%.' 'The lack of business confidence in the economy is present in the business investment data. Business investment fell this year. Non-residential building investment fell 2.9%. Transport equipment purchases fell 6%. Households are feeling it to, with purchase of durable goods being lower than they were in December 2023,' Renney said. 'This data shows us how far we fell over the past year in economic terms. The growth in GDP this quarter is welcome – but the economy is still smaller than at the election in real terms. With more recent data suggesting that the economy is struggling to grow, there is a real danger that we return to slow, no, or negative growth.' 'It's time for the Government to realise that its economic growth plan isn't working. There are 23,000 more people on Jobseekers this year. 48% of workers in New Zealand got a pay cut in real terms. Business and consumer confidence are at levels associated with recessions. One quarter of data shouldn't blind the government of the need for change.'
The Sun
23-05-2025
- Business
- The Sun
Big change to services for Universal Credit households this weekend – check how you're affected
HOUSEHOLDS on Universal Credit and other benefits are being warned of a big change coming on Monday. 1 Jobcentre Plus offices and the National Jobcentre Enquiry Line are usually closed on weekends too. Phone lines and offices are expected to reopen on Tuesday, May 26. Some branches may be open on Saturdays so it's worth checking your nearest branches opening hours. Jobcentre Plus branches provide a range of services helping jobseekers, long-term sick or disabled people find employment or claim benefits. The government-funded employment agency and social security office, is found in most cities and towns. It was was formed when the Employment Service merged with the Benefits Agency. It was renamed to Jobcentre Plus in 2002 and is part of the DWP (Department for Work and Pensions). The bank holiday on Monday will also see benefit payment dates altered. This is because payments are usually made the first working day before a bank holiday. Remember, if you are paid early you'll need to make the money last longer as you'll have to wait extra days until your next payment. If you are expecting an early payment and don't get it double check the dates you are usually paid and contact your bank. If you need further help or assistance you must contact the DWP. How does work affect Universal Credit? Complaints about unpaid benefits can be filed with the DWP. You can go to for more information. OTHER BENEFIT CHANGES The Government hikes benefit payments every year to keep up with the cost of food and other essentials. Benefit payments have recently risen for millions, including for those on Universal Credit and Carer's Allowance. How much yours could rise by depends on your personal circumstances. You can also see the new rates for the 2025/26 year via YOU can use a benefits calculator to help check that you are not missing out on money you are entitled to Charity Turn2Us' benefits calculator works out what you could get. Entitledto's free calculator determines whether you qualify for various benefits, tax credit and Universal Credit. and charity StepChange both have benefits tools powered by Entitledto's data. You can use Policy in Practice's calculator to determine which benefits you could receive and how much cash you'll have left over each month after paying for housing costs. Your exact entitlement will only be clear when you make a claim, but calculators can indicate what you might be eligible for.
The Irish Sun
07-05-2025
- Business
- The Irish Sun
Major €244 social welfare CUT in blow for more than 3k Irish people as ‘final step' move over key rule warning
OVER 3,000 people across Ireland have had their social welfare payments reduced this year amid a warning that they can be "disqualified from their payment for up to nine weeks". Official figures revealed that welfare cuts for those out-of-work have increased more than 58 per cent compared to the same period last year. Advertisement 2 Minister for Social Protection Dara Calleary issued the cut warning Credit: Getty Images The benefits were slashed due to a lack of engagement with the Government's Intreo Employment Services. Official figures provided in response to a parliamentary question by People Before Profit TD Paul Murphy show that 3,008 unemployed individuals had their However, Social Protection Minister He said: "This reflects the concept of 'rights and responsibilities' whereby people who are unemployed have the right to an income support from the State and a right to be supported in their efforts to secure employment, but also have a responsibility to seek employment and to engage with the employment services offered by the State. Advertisement Read more in Money "Customers who do not engage with the Intreo Employment Service or who fail to participate in appropriate employment interventions can have their jobseeker's payment reduced and subsequently be disqualified from their payment for up to nine weeks. "They may also have their entitlement to a Jobseekers payment reviewed based on a failure to genuinely seek work. "The weekly reduced rates applied for Jobseeker's Allowance and Jobseeker's Benefit increased from €44 to €90 from January 2025 and is set at 20 per cent for customers in receipt of the recently introduced Jobseeker's Pay Related Benefit." Intreo Employment Services supports jobseekers to find work. Advertisement Most read in Money Supports on offer include further education, training, upskilling and work placements as well as programmes such as Community Employment and TUS. Reduced rates were introduced in 2011 as a measure to encourage jobseekers to engage proactively with efforts to find a pathway to employment. Major warning over emergency social welfare scam texts as thousands could be targeted Minister Calleary stressed that a reduced rate is a "final step" in a process to encourage a jobseeker to avail of employment supports on offer. And once a jobseeker resumes this engagement the reduced Advertisement In 2024, 10,232 people had their social welfare payments reduced over the lack of engagement to find employment compared to 5,235 in 2023. This year, 760 people were impacted in January, followed by 1,360 in February and 888 in March. RATE REDUCTION RISK Minister Calleary added: "It is possible that a person may have multiple reduced rates applied throughout the course of the year." Jobseeker's Allowance is a payment to people who are unemployed. Advertisement You can apply for Jobseekers Allowance, if you have been on Jobseekers Benefit and your payment has ended or if you are only entitled to a reduced rate of JB and would be better off on JA. The maximum rate a person on Jobseeker's Allowance or Jobseeker's Benefit can receive is €244 on a personal rate. This number can increase based on the amount of adult dependents and dependent children there are in the household. 2 Welfare benefits can be slashed due to a lack of engagement with the employment services Credit: Getty Images - Getty Advertisement
