Sofitel Auckland Viaduct Harbour goes into Liquidation | NZ Market Update

  • Jul 10, 2020 NZST
  • Team Kalkine

As per the Stats NZ report, the monthly card spending on medical and health care services have reported a record high in June. The health care services comprise physiotherapy, optometry, ambulances, GPs, specialists, and dental care. In June 2020, the total spending on medical and health care services was NZD 261 million, which represents an increase of 20 per cent (NZD 43 million) as compared to the same month previous year. Retail statistics manager Kathy Hicks said, Kiwis could not visit doctors during the lockdown, so they had to wait until June for getting the services.

The five-star Sofitel Auckland Viaduct Harbour has gone into liquidation, leaving at least 139 people out of work. Viaduct Quays Hotel, the registered company operating the waterfront hotel, was put into liquidation on Monday. It received $929,000 in Covid-19 wage subsidies for 139 staff. Liquidator Jared Booth of Baker Tilly Staples Rodway said liquidators had been told the business stopped trading before they were appointed as a result of the financial impact of Covid-19.

As per Finance Minister Grant Robertson, the economy has got the momentum post lockdown as government accounts are better than expected with a higher GST.

The Crown accounts for 11 months till May end indicate that the year-end tax revenue will be better than the forecast. Core Crown expenditures were NZD 100 million below estimate; tax revenue was NZD 1.5 billion above forecast, and the operating balance before profits and losses (OBEGAL) was NZD 1.6 billion less than forecast.

#Auckland #NZD #Sofitel #Kalkine


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