The SME Stream

New Zealand businesses have spent much of the past year waiting for the recovery, but what if the economy they’re dealing with now is the new normal?
Join Liam Dann and Tamsyn Parker as they ponder whether Christopher Luxon had actually had a point when he shared his controversial thoughts with the Rotorua business community. They also unpack the latest unemployment figures, and look ahead to reporting season.
The Economy of Everything is made in partnership with CMC Markets
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More Kiwis than ever are in debt to the IRD, and one expert has a theory about why it's gotten so bad.
As of March this year, more than half-a-million people had debt to Inland Revenue, and overall tax debt sat at $9.4 billion, of which Inland Revenue said 62 percent, or $5.9 billion, was collectable.
Chartered Accountants Australia New Zealand lead, John Cuthbertson, says there's been a significant build-up of debt, largely as a result of the Covid-19 pandemic.
"As debt ages, it becomes harder to collect - and we know that about 43 percent of it is over 2 years old. So once you get into that territory, it gets harder and harder to collect."
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Over in Australia, the Reserve Bank has moved to keep the official cash rate in place at 4.35 percent.
The result was widely expected by economists and money markets, despite inflation remaining above the RBA’s 2-3 percent target range in the June quarter.
HSBC Chief Economist Paul Bloxham says there's evidence that the Australian economy is slowing down, which is helping put downward pressure on inflation.
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