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Monthly Economic Bulletin – June 2023

NZCTU Economic Bulletin June 2023

Greetings from the NZCTU and welcome to the June edition of the Economic Bulletin.

In this edition we debunk the idea that the New Zealand economy is in the doldrums. Contrary to the narrative being pushed by the National and ACT parties, the New Zealand economy has performed strongly compared to many of our OECD peers in recent years. Higher interest rates and inflation are putting immense pressure on many working families, but cuts to tax and government spending won’t solve this. Instead, we need to be supporting those who are currently in need while also turning our attention to the real problem: decades of underinvestment in housing, health, education, and climate change.

We also lift the hood on bank profitability in New Zealand in this edition. The Commerce Commission is set to conduct an inquiry into competition in the banking sector. This is welcome, as the data indicates the big four banks – ANZ, BNZ, ASB, and Westpac – have effectively captured the market in New Zealand and are enjoying super profits as a result.

This edition also covers the latest figures for GDP, wages, and inflation, and discusses the recent set of economic forecasts.

As always, we welcome your feedback and any suggestions for areas of future investigation.