Decade's worst recession in New Zealand | NZ Market Update

New Zealand has seen its first-ever recession in the decade. Retail, hospitality, and transport saw significant declines because they were really affected by the international travel ban and strict nation-wide lockdown.

Finance Minister Grant Robertson commented that the GDP decline was bound to happen, but it is the government's measures such as the wage subsidy, business loans, and other schemes that don't make the hit too impactful. Opposition parties took advantage of the situation to quote the numbers as an example of government failure.

After Commerce Commission research, Telcos in New Zealand shall be taking corrective measures to stop customers to buy mobile plans that are more expensive than they actually require. They found a significant proportion of the citizens who are paying for more than they actually use. The team has written an open letter to Spark, Vodafone and 2degrees putting a review of consumer mobile bills of about 80,000. According to the research, they found that a lot of consumers do not change plans for months, even years.

Promisia Integrative Ltd (NZX: PIL) has made a settlement with Medsafe, a section of the Ministry of Health, regarding the prosecution of the company for violations of the Medicines Act 1981. Under the settlement, the 9 charges have been revoked and the company is not capable of making any further comment on this matter.

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