Weekly Digest – 3 August 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Rising inflation means we’re earning less, even with a pay rise

Because wages are failing to keep up with inflation, most of New Zealand’s workforce is in line for a “virtual” pay cut this year.

Some optimism as wages are at least rising a bit

Despite this “virtual” pay cut, there is reason for some optimism. The official numbers are expected this week, and should confirm what we’ve all known for months: workers are hard to find, forcing a lift in wages to attract or keep staff.

Cost of Living Payment now in effect

The Government announced a Cost of Living Payment which Inland Revenue will pay from August 2022. It’s to help people on low to middle incomes who earned $70,000 (net) or less between 1 April 2021 and 31 March 2022. Details can be found here.

Consumer confidence still struggling

Rising interest rates, falling house prices and high inflation have given households very little to feel happy about. The consumer confidence index is still showing record lows.

South Island town attracting home buyers priced out of other markets

For those who want to work from home, the South Island town of Westport is attracting many first-time home buyers, as the average house price of $325,000 is well below the national average of over $1 million.

How to prepare when buying your first home

Stuff has curated a list of 6 things to ask your lawyer when preparing to purchase your first home. It can be found here.

Biggest tax hike in 30 years leads to the $15 pint in Australia

The Australian Tax Office announced the excise on beer would rise by 4%, or $2.50 more a litre on Monday under its CPI indexation review.

The workforce is changing thanks to Gen Z

With unemployment at an all-time low and workers hard to find, companies are forced to make concessions they may not have made a few years ago. As it turns out, the results of these changes benefit both workers and employers.

Auckland TikToker helping people shop on a budget

Emme Weber films herself doing meal prep and her weekly supermarket shop, helping her 15k followers save money as prices continue to soar.

Barista shortage is felt across all of New Zealand

Cafes across the country are crying out for staff, as it becomes harder and harder to find someone to make your morning coffee.

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