New Zealand’s net international investment status remains steady | NZ Market Update

Microsoft has got Overseas Investment Office approval to build a huge data center in Auckland. Although the investment amount is not yet confirmed but might exceed $100 million. This came after Google recently announced a US$1.2 billion plan in the US. Prime Minister Jacinda Ardern said that the data center is an important and significant investment and that New Zealand is open for new flourishing business and quality investment.

Air New Zealand is planning to make cabin crew jobs redundant because of low international passenger numbers and it is said that there shall be further reductions to its international network.. The unfortunate announcement has been made of job losses right after when Air New Zealand chief executive Greg Foran said few weeks before that there were no plans to reduce its workforce beyond apart from the many job cuts that had already been made due to the pandemic.

As per Stats NZ, the country’s net international liability position stood at $180 billion at 30 June 2020. At 30 June 2020, the country’s net international liability position touched 58.4 per cent of GDP, which is the peak percentage of GDP since the September 2016 quarter.On 31st March 2020, it stood at 57.1 percent of GDP and a peak of 84.2 percent during the global financial crisis.

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