New Zealand


2015 news releases

Sustained profits under pressure from lending margins contracting and slower loan growth

[22 December 2015]

New Zealand’s five major banks (ANZ, ASB, BNZ, Kiwibank and Westpac) net profit before tax has increased to $1,696 million during the third quarter of the 2015 calendar year (being 1 July 2015 to 30 September 2015, 3Q2015), however net interest margins have continued to decrease and lending growth is slowing down.

New Zealand Government continues steady as she goes approach

[15 December 2015]

Faced with increasing calls for loosening the purse strings, together with subdued growth and low inflation, Finance Minister Bill English has stuck to his ‘steady as she goes’ strategy of the last five years following the Half-Yearly Economic and Fiscal Update and the Budget Policy Statement released today.

New Zealand banking industry’s biggest fears for 2015 revealed

[9 December 2015]

New Zealand’s banking industry is more optimistic than any other country, registering the lowest levels of overall anxiety and the highest levels of preparedness of all countries surveyed, according to Banking Banana Skins 2015: Recovery under threat – New Zealand edition, which describes the risk outlook for the banking industry in 2015.

PwC strengthens its tax service offerings by acquiring TaxTeam

[30 November 2015]

PwC New Zealand is growing the tax offerings of its firm with the acquisition of Wellington-based, tax specialist practice TaxTeam. The business, and 12 staff members, will move in to PwC’s Wellington office on 113-119 The Terrace today.

New Zealand retains 22nd ranking in ease of paying taxes

[20 November 2015]

New Zealand has retained its 22nd ranking out of 189 economies in its ease of paying taxes, according to Paying Taxes 2016, now in its tenth edition. The unique study by PwC and the World Bank Group is the only piece of research which measures the ease of paying taxes by assessing time required for a case study company to: prepare, file and pay its taxes, the number of taxes that it has to pay, the method of that payment and the total tax liability as a percentage of its commercial profits.

GST law reform on offshore online purchases for B2C transactions

[16 November 2015]

The November Taxation Bill tabled into Parliament draft law will impose GST on digital products and other services (such as music, movie and game downloads) purchased online by New Zealand consumers. The new law will require offshore sellers to register and pay GST from 1 October 2016 and follows on from the August 2015 discussion document dealing with this same topic.

PwC’s Building Better Cities Survey – Auckland places well

[16 November 2015]

Auckland has emerged 6th overall as a top ranking city in APEC in which to live and do business and as a top ranked city in APEC for political environment alongside Toronto and Vancouver, according to a new study launched today at the APEC 2015 CEO Summit. The PwC study gives city leaders a view of where they are now, and it hopes to inspire cities within APEC to collaborate and seek advice to solve tenacious problems.

Confidence among Asia Pacific CEOs at lowest level since 2012

[16 November 2015]

Asia Pacific CEOs believe prospects for business growth over the next 12 months are dimming fast. Ahead of the annual Asia-Pacific Economic Cooperation (APEC) Leaders Meeting November 18-19, business leaders have a number of concerns, according to PwC’s fifth annual APEC CEO Survey.

Councils can do more to develop regions of opportunity

[9 November 2015]

While New Zealand cities and towns are not global mega cities, there’s opportunity for regional New Zealand to become ‘regions of opportunity’, according to PwC’s New Zealand’s regions of opportunity publication, launched at this morning’s Society of Local Government Managers' conference in Palmerston North.

2015 a tipping point for digital IQ

[6 November 2015]

The key behaviours that correlate strong digital investment to profitability for New Zealand businesses have been highlighted by PwC New Zealand’s 2015 Global Digital IQ Survey. This survey represents the most comprehensive comparison of New Zealand’s digital landscape, to global best practices, carried out to date.

Confidence slips on cyber security

[8 October 2015]

New Zealand organisations have far less confidence in their own information security activities (as well as their suppliers) than they did last year, according to PwC’s New Zealand insights of the annual Global State of Information Security Survey released today.

New Zealand’s energy sector being transformed

[2 October 2015]

Power is being transformed from a top-down centralised system to one that is much more interactive yet also decentralised and fragmented, according to PwC’s latest report, The road ahead: Gaining momentum from energy transformation.

RBNZ Monetary Policy Statement and OCR cut to 2.75%

[10 September 2015]

As widely expected, the Reserve Bank of New Zealand (RBNZ) has reduced the Official Cash Rate (OCR) by 25 basis points (0.25%) to 2.75% at today’s Monetary Policy Statement. PwC Partner and Treasury Advisory Lead Roger Kerr says, “Having cut interest rates at the last three OCR review dates, the timing of the next cut is now considerably less clear.

Banks’ lending growth continues but results stand still

[7 September 2015]

The profits of New Zealand’s five major banks have flattened during the second quarter of the 2015 calendar year (being 1 April 2015 to 30 June 2015, 2Q2015) with net interest margins levelling off, continuation of lending growth and lower loan loss provisions.

Disruption being felt by insurance sector

[21 August 2015]

Technological advances and changing customer behaviours are hitting the insurance industry hard and are reflected in the top 10 risks New Zealand insurers have identified in PwC’s latest report, Exploring the insurance industry’s top risks: A New Zealand perspective. Change management, distribution channels, cyber risk, human talent and social change risks are all named in the top 10 risks.

Anxiety around cyber risk from insurers in NZ and across the globe

[21 August 2015]

Cyber risk is one of the top concerns to New Zealand insurers reflecting rapidly growing concern about cyber crime and data security according to PwC’s latest report, Exploring the insurance industry’s top risks: A New Zealand perspective.

New Zealand’s banks continue to perform

[19 August 2015]

New Zealand’s five major banks have continued to show good growth in the first half of their 2015 financial years (1H15). According to PwC’s New Zealand Banking Perspectives publication released today, the country’s five major banks reported core earnings of $3,480 million in the first half of their 2015 financial years (1H15), up from $3,281 million for the previous six months (2H14).

PwC appointed Receivers and Managers to PTT Limited (In Receivership) and associated entities

[14 August 2015]

Following application by the Financial Markets Authority (FMA), the High Court in Auckland has appointed PwC Partners John Fisk and David Bridgman as Receivers and Managers to PTT Limited and other associated entities.

Unanimous vote for Waimea Contract Carriers Limited to trade on

[3 August 2015]

The creditors of Waimea Contract Carriers Limited (Administrators Appointed), a log transport business operating in Nelson and Marlborough, today voted in favour of a repayment arrangement that will see the company trade on.

Australia considering lowering GST import threshold – implications for NZ

[31 July 2015]

Australia is proposing changes to its GST import threshold to try to even the playing field for its local retailers. Currently, the threshold on imported goods allows Australians to buy goods online from overseas for up to A$1000 without being charged GST and the changes could see this lowered to as little as A$20.

PwC Partner and GST specialist Eugen Trombitas says, “This low threshold is international best practice and consistent with many other countries. Every option should be considered as reform will impact all New Zealanders and have a lasting impact.”

Four new partners reflect the changing needs of New Zealand’s businesses

[20 July 2015]

To adapt to the evolving market, PwC New Zealand is bolstering its partnership team with four new partners in July 2015, to bring its total number of full equity partners to 115.

Provisional tax for SMEs worth consideration

[17 July 2015]

“Labour's announcement of a new option to pay provisional tax for small and medium business is an idea worth considering,” says Mr Geof Nightingale, PwC Tax and Private Business Leader.

New Zealand harnessing economic power of older workers

[01 July 2015]

PwC has released its Golden Age Index this week which rates success of countries in harnessing the economic power of older workers. It compares employment of older workers across 34 OECD countries with countries able to add billions of dollars to a country’s coffers if they follow best practice in harnessing the potential of their older workers.

Banking profits lift even though net interest income comes under pressure

[23 June 2015]

New Zealand’s five major banks (ANZ, ASB, BNZ, Kiwibank and Westpac) have continued to show strong profits and lending growth in the first quarter of the 2015 calendar year (being 1 January 2015 to 31 March 2015, 1Q2015) however lending margins are beginning to contract due to stiff competition.

Water presents high risk to agribusiness

[21 June 2015]

Whether it’s growing crops, generating electricity or entertaining tourists, water is a key ingredient for the success of the New Zealand economy, yet this also makes it a key risk.

PwC’s latest publication Preserving water through collaboration that works considers how New Zealand within a global context, has responded to water risks and the potential to improve water management in the future. New Zealand faces its own risks which differ from those in other parts of the world and these risks are increasing.

PwC launches a fully integrated dedicated Digital Services business

[19 June 2015]

PwC today announces the formation of PwC digital, its digital services business, launching a new and unique kind of digital consulting in the New Zealand market. With a fully integrated digital service offering, PwC is the first of the big 4 accountancy firms to provide a dedicated, end-to-end digital and experience solution, from strategy and innovation right through to execution.

2015 PwC Commercial Deal Award winner named

[18 June 2015]

PwC would like to congratulate Plant & Food Research on being named as the winner of the 2015 PwC Commercial Deal Award at the KiwiNet Awards reception held in Auckland on Thursday 17 June.

Skills gap forcing recruitment changes

[4 June 2015]

CEOs are more concerned about the impact of a skills shortage on their business than at any point in the last six years, according to research by PwC.

Beyond digital: What's happening in New Zealand's entertainment and media industry?

[4 June 2015]

Digital growth in New Zealand’s entertainment and media industry continues to offset a flattening growth rate on traditional entertainment and media content, according to PwC’s Global entertainment and media outlook 2015-2019.

NZ Budget 2015: A signal about GST on overseas online purchases

[21 May 2015]

Budget 2015 signals that New Zealand is looking at following Australia's recent lead in taxing services purchased online from offshore sellers. Low-value goods purchased online will also be looked at.

NZ Budget 2015: Auckland housing – more land for development

[21 May 2015]

“We welcome the Government’s announcement that 450 hectares of Crown land will be brought into play for development of housing,” says Richard Forgan, PwC Budget 2015 Leader and Partner.

NZ Budget 2015: Business as usual for health

[21 May 2015]

“With an investment of $1.7 billion over the next 4 years, most people would say it is business as usual as for health,” says Richard Forgan, PwC Budget 2015 Leader and Partner.

NZ Budget 2015: Sticks to tried and tested formula

[21 May 2015]

“Budget 2015 delivers few surprises, and sticks to the approach we have come to expect from the Minister of Finance,” says PwC Chief Executive Officer Bruce Hassall.

2015 PwC Hi-Tech Company of the Year Award named

[18 May 2015]

PwC are proud to continue to sponsor the PwC Hi-Tech Company of the Year Award, which recognises the winner as the overall best performing and established high-tech company in New Zealand for 2015. PwC Partner Owen Gibson says, “We’re thrilled to support the Hi-Tech awards as we believe it’s important to acknowledge and celebrate the success of New Zealand’s technology businesses and entrepreneurs.”

Building trust in New Zealand’s food this World Health Day

[6 April 2015]

PwC is marking World Health Day today by announcing the establishment of its global food supply and integrity services business which is being developed and led from New Zealand to help food companies and governments tackle the world’s food security, safety and quality concerns.

PwC welcomes chance to make tax simpler

[31 March 2015]

Revenue Minister Todd McClay and Finance Minister Bill English have today officially launched the Government’s public consultation on options for simplifying and modernising New Zealand’s tax administration.

Waimea Contract Carriers Limited in voluntary administration

[30 March 2015]

John Fisk and Richard Longman, Partners of PwC, today have been appointed Administrators of Waimea Contract Carriers Limited, a log transport business operating in Nelson and Marlborough. The business is now in voluntary administration. 

PwC Hi-Tech Awards 2015 Finalists

[26 March 2015]

PwC are thrilled to continue to sponsor the NZ Hi-Tech Company of the Year Award, which recognises the winner as the overall best performing and established high-tech company in New Zealand for 2015. PwC Partner Owen Gibson says “We’re proud supporters of the High-Tech awards because we believe it’s important to celebrate the success of New Zealand’s technology businesses and entrepreneurs.”

Helping businesses prepare for year-end

[16 March 2015]

With the end of the 2015 financial year now approaching for many businesses, PwC has released a tax planning checklist to assist with preparations for year-end as at 31 March 2015.

Lending continues to lift, but bank profits down in Q4

[09 March 2015]

New Zealand’s five major banks (ANZ, ASB, BNZ, Kiwibank and Westpac) have continued to show solid lending growth in the fourth quarter of the 2014 calendar year( being 1 October to 31 December 2014,4Q2014) but total reported profits are marginally down.

New Zealand female millennials are most confident and ambitious of any female generation

[08 March 2015]

To mark International Women’s Day on Sunday 8th March 2015, PwC surveyed 8,756 female millennials (women born between 1980-1995) from 75 countries including New Zealand, to find out how they feel about the world of work and their career.

The report – The female millennial: A new era of talent- New Zealand findings – reveals that New Zealand female millennials rank opportunities for competitive wages and other financial incentives as the most attractive employer trait (63%, compared with 52% globally), followed by career progression at 53 per cent and at the same level as their global peers, making female millennials more career confident and ambitious than previous generations.

PwC welcomes opportunity for business to consider better Customs legislation

[05 March 2015]

The New Zealand Customs Service recently undertook a major review of the Customs and Excise Act with the intention of creating a new piece of legislation that will be less prescriptive and more business friendly. Following this, a discussion paper has been released this afternoon with a two month public consultation window.

Survey finds New Zealand CEO confidence dips 16% about global economy for 2015

[26 February 2015]

Findings from PwC’s New Zealand insights publication, released today, which follows the 18th Annual Global CEO Survey, show New Zealand CEOs are less positive about the outlook for the global economy than they were last year with 47 per cent believing the global economy will improve in the next 12 months. This compares to last year’s far more confident 63 per cent.

World to 2050 – New Zealand’s future lies with China

[11 February 2015]

Despite a projected slowdown in Chinese growth after around 2020, the global economic power shift away from the established advanced economies in North America, Western Europe and Japan, will continue over the next 35 years, according to the latest report from PwC economists, The World in 2050: Will the shift in global economic power continue?

Service Jam 2015 - Auckland, New Zealand

[3 February 2015]

PwC is proud to host the Auckland Service Jam 2015 as part of the Global Service Jam on February 27th-1st March 2015 at its Auckland office.

Please Contact
Vasantha Naidoo

Vasantha Naidoo

Director of Corporate Affairs

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Director of Corporate Affairs
Tel: +64 9 355 8193
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