Bad news on the “rockstar economy”:
Fewer employers looking to hire, says recruitment firm Hudson
Negative publicity about the state of New Zealand’s economy has resulted in fewer employers hiring new staff, a recruitment firm says.
Let me translate that for you. “The economy is stalling, there aren’t many jobs, and the facts are being reported”. Bugger.
But it’s not all doom and gloom citizens. At least it just happens to be a great time to be a bank! Ho ho – what am I saying? It’s always a great time to be a bank.
NZ’s big banks continue record run with $1.69b three-month profit
New Zealand’s five major banks are on track for another bumper year, with profits already up strongly in the first quarter.
ANZ, ASB, BNZ, Kiwibank and Westpac made $1.69 billion of pre-tax profit in the three months to March 31, up 5.9 per cent from the last quarter of 2014.
Mortgage lending growth for the quarter was 1.72 per cent, up strongly from the previous period’s 1.26 per cent. That rate was higher than any quarter during 2014, which Shuttleworth said reflected the continued heated housing market, particularly in Auckland, and the low interest rates offered by the banks.
Let me translate that for you. “Australia’s big banks, and one NZ one, made loads of money because the system is built that way. They’re really loving those huge mortgages people are taking out in the Auckland property bubble.”
Man, The future’s so bright I gotta wear shades.