From inflation to closures to job cuts: The challenges facing New Zealand’s economy

The economy has been in an uncertain place for quite some time, and 2024 was no different. Over the last year, we’ve seen some improvement. In October, the annual rate for inflation had fallen from 3.3 percent to 2.2 percent. The official cash rate ended the year on 4 point 25 percent. Elsewhere, the news hasn’t been so positive. The country’s gross domestic product contracted 0.2 percent in the June quarter, only just missing out on a technical recession. Job cuts across multiple sectors have seen Jobseeker benefit numbers surge to over 200,000. And Government books released this week show that it’s unlikely we’ll return to a surplus until 2029 – about a year later than originally anticipated in this year’s Budget. So what’s going on in our economy? And how soon until we start to see some change? On this compilation episode of The Front Page, we revisit some of the discussions we've had to do with economy and the business sector throughout 2024, including post-Budget analysis, closures in the retail and hospitality sector, and the big scandal around Du Val Group.  Follow The Front Page on iHeartRadio, Apple Podcasts, Spotify or wherever you get your podcasts. You can read more about this and other stories in the New Zealand Herald, online at nzherald.co.nz, or tune in to news bulletins across the NZME network. Host: Chelsea DanielsSound Engineer/Producer: Richard MartinProducer: Ethan SillsSee omnystudio.com/listener for privacy information.