Connect with us
https://tickernews.co/wp-content/uploads/2023/10/AmEx-Thought-Leaders.jpg

Money

Air New Zealand struggling at the mercy of COVID-19

Published

4 years ago

on

New Zealand’s national carrier is feeling the pinch from lockdowns, travel route shutdowns and restrictions on the aviation sector

Air New Zealand is operating at less than one-third of its usual domestic capacity due to the tough restrictions in Auckland and doubts whether a travel bubble with Australia will reope.

According to the airline’s CEO, operations outside of Auckland are running at full speed, but with the major city equating to two-thirds of the domestic network, the financial hit is huge.

“We’re running almost 100% outside of Auckland,”

Air New Zealand CEO Greg Foran

Foran says that current COVID restrictions within Auckland are having a “pretty significant impact to our business.”

Covid-19 Level 3 – Air New Zealand A321-20 aircraft parked up on the tarmac, at Auckland International Airport, Auckland, during the Covid-19 Level 3 Lockdown, Auckland, New Zealand. 07 May 2020 photograph by Brett Phibbs NZH 08May20 – Air New Zealand A321-20 aircraft parked up on the tarmac. Photo / Brett Phibbs NZH 17Jul20 – The Government won’t look at any Air NZ capital raise proposals unti post-election. Photo / Brett Phibbs NZH 28Jul20 – Air NZ and the Government are working together to limit the numbers arriving. Photo / Brett Phibbs NZH 31Jul20 – RGP 30Oct20 – Air New Zealand has cut close to 4400 jobs this year. Photo / File WGP 30Oct20 – Air New Zealand has cut close to 4400 jobs this year. Photo / File BTG 30Oct20 – Air New Zealand has cut close to 4400 jobs this year. Photo / File NAG 30Oct20 – Air New Zealand has cut close to 4400 jobs this year. Photo / File

The major financial losses:

Air New Zealand stated that it is burning through around NZ$25 million to NZ$35 million of cash a month due to the lockdown in the country’s largest city, which the government says will be scaled back in phases as vaccination rates rise.

New Zealand was one of a handful of countries around the world that brought COVID cases down to zero, sticking to an eradication strategy. The delta variant however proved too much.

The closure of a quarantine-free travel bubble with Australia is costing the Air New Zealand a further another $20 million to $25 million a month in cash burn.

The airline’s CEO said it was possible the New Zealand government would treat Australia like any other country in the future when it came to testing and quarantine rules, as is being done now.

Related Topics:
Continue Reading

Money

RBA unexpectedly keeps interest rates steady at 3.85%

RBA surprises with decision to maintain interest rates at 3.85%, impacting economic forecasts and housing market activity.

Published

4 hours ago

on

July 8, 2025

By

RBA surprises with decision to maintain interest rates at 3.85%, impacting economic forecasts and housing market activity.

In Short:
The Reserve Bank of Australia has kept its cash rate at 3.85% despite concerns from the Housing Industry Association about its impact on new home construction. Although inflation is within target and there’s some market confidence, households are under financial strain amidst economic uncertainties.

The Reserve Bank of Australia has decided to maintain the cash rate at 3.85% following a split vote of six to three. This unexpected decision comes as the Housing Industry Association warns that these rates remain restrictive, potentially hindering new home building.

Senior economist Tom Devitt stated that the rates will delay necessary building activity but noted improved market confidence following previous rate cuts.

Current inflation data shows the RBA’s preferred measure has been declining and remains within the target range. However, household spending is under strain, with Australia experiencing a per capita recession since mid-2022.

Labour costs

The RBA’s decision was influenced by concerns over productivity growth and high unit labour costs, affecting its inflation outlook. While some economists anticipated a rate cut, the RBA opted for caution due to economic uncertainties, both domestically and internationally.

The bank acknowledged gradual recovery in private demand and household incomes but highlighted ongoing challenges in passing cost increases to final prices.

Despite the hold on rates, price rises in essentials like petrol continue to impact Australian households. The RBA emphasized the need for ongoing assessment before making future rate changes, suggesting a careful approach in response to evolving economic conditions.

Continue Reading

Money

Feeling the stress this tax season?

Join Dr. Steve Enticott for essential tax tips to avoid costly mistakes this season and maximize deductions for 2025.

Published

9 hours ago

on

July 8, 2025

By

Join Dr. Steve Enticott for essential tax tips to avoid costly mistakes this season and maximise deductions for 2025.


It’s that time of year again, and if you’re feeling overwhelmed, you’re not alone.

With so many moving parts, from missed deductions to misplaced receipts, small mistakes can lead to big losses.

Dr Steve Enticott from CIA Tax joins to break down what people forget most, which new deductions to know for 2025, and why a simple checklist can save you money.

#TaxTime #MoneyTips #2025Tax #TaxReturn #TickerNews

Continue Reading

Money

Trump’s ‘big beautiful bill’ passes Senate

Trump’s tax and spending bill passes Senate 51-50; faces House vote amid concerns over inequality and support cuts.

Published

6 days ago

on

July 2, 2025

By

Trump’s tax and spending bill passes Senate 51-50; faces House vote amid concerns over inequality and support cuts.


President Trump’s sweeping tax and spending bill has narrowly passed the U.S. Senate 51-50, with Vice-President JD Vance breaking the tie.

The bill promises big tax breaks, military boosts, and immigration crackdowns, while slashing support for Medicaid and low-income aid, a move critics say risks deepening inequality.

All eyes now turn to the House vote, where Trump’s political clout will face a fresh test.

#Trump #BigBeautifulBill #USPolitics #TickerNews

Continue Reading

Trending Now