Weekly Digest – 26 October 2022

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

Why are interest rates raised in times of inflation?

Newshub created an explainer for why central banks raise interest rates when runaway inflation strikes. But do these rate hikes really work? Find out here.

Covid-19 measures finally wind down

Last week, the government announced that the widespread measures designed to protect us and mitigate the effects of the virus are finally being drastically reduced. Learn about the changes here.

How volatile economic conditions around the globe will affect us

From higher living costs to mortgage shock to dwindling KiwiSaver accounts, some aspects of the global economic slowdown will undoubtedly affect us in New Zealand.

Mortgage rates may have already spiked

With rates continually rising as of late, many economists have warned mortgage-holders to brace for sky-high cost increases. Though experts are split on the issue, Squirrel founder John Bolton believes the peak of rate rises may be near.

Kids get huge tax bill due to KiwiSaver red tape

A single mother of four New Zealand-born children who also hold US citizenship says she has been slapped with a $2000 tax bill per child, per year, in order to fulfil tax obligations for both countries. She is appealing for an adjustment to the KiwiSaver rules for situations like this.

Automakers double spending commitment for EVs

The world’s top automakers are ramping up production to develop and produce millions of electric vehicles, as well as the batteries and raw materials required to build them. The plan costs nearly $2.1 trillion, and runs until 2030.

Winemaker Yealands being courted by Australian investors

The company announced in August that it was looking for an investment partner in order to be able to accelerate growth. Reuters reports that several potential investors have expressed interest.

Huge cost increase to paper hits the publishing industry

New Zealand does not have its own newsprint paper manufacturer, and the costs of importing all that paper are becoming prohibitive. Many news agencies say they have had to absorb between 20 and 30 percent increases to keep their papers in print.

Liz Truss is the UK’s shortest-serving prime minister

Once the replacement for Truss is found, the UK will have had five prime ministers over the course of six years – giving Australia a run for our money with the pace we set in the early 2010s. World leaders congratulated the Daily Star’s head of lettuce, which lasted longer than Truss’ time in office.

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