Millions of dollars have been pumped into scientific research projects in Tauranga and Rotorua.
We are taking a look back at some of the memorable stories of 2022 that featured in Money. Here’s what made headlines from July to September.
Weaker house prices and the rising cost of living created a “recession-like” environment as people close their wallets and grapple with a “crisis of confidence”.
But an economist said the Bay of Plenty would be less vulnerable to an economic downturn.
The region would recover, albeit slowly, and the “silver lining” of bouncing back too fast would be not enough staff to meet demand.
Two separate economic confidence surveys show Bay households and businesses remain pessimistic about the future.
Arrowtown-based independent economist Benje Patterson said the country was not technically in a recession as the June quarter had bounced back from an Omicron-riddled March quarter.
“From that perspective, it is going to require us to have a bad September, a bad December, and we wouldn’t know until February or March next year if we have technically entered recession,” Patterson said.
In the latest Westpac Regional Roundup, industry economist Paul Clark said economic activity in the Bay reflected a mixed picture.
However, he said, spending could be supported by gains elsewhere in the local economy.
“For example, kiwifruit growers in the region should see their incomes rise over the coming year following this year’s bumper harvest.”
NZ Kiwifruit Growers Inc said the industry contributed nearly $1.8 million to the Bay this season.
Fewer people had applied for home loans compared to the same time last year despite banks offering cash incentives of up to $20,000.
People who were due to refix their mortgage were also facing hundreds of dollars a week extra in interest hikes, which had decimated some budgets.
A couple who lived in the Parkvale suburb of Tauranga paid $715,000 in September last year for their first home and would need to find more than $200 a week extra when their mortgage rolls over.
The pair, who asked not to be named, said the significant jump would force them to cut their spending.
‘’We’ll have to tighten the belt around things like groceries and going out.’’
Real Estate Institute data showed 13,861 homes were for sale in June last year but that soared to 25,271 nationwide in June.
National house prices rose a median 1.2 per cent from $840,000 in May to $850,000 last month.
CoreLogic NZ chief property economist Kelvin Davidson said in terms of annual mortgage repayments it equated to an extra $2050 per year or so for every $100,000 of debt.
“This will be testing the finances of all borrowers, let alone those new to the market, and may mean the affordability equation doesn’t improve much, even as incomes rise and house prices decline.”
New research by a major recruitment agency revealed the most sought-after jobs in the country.
Early childhood education was the most attractive industry sector to work in, followed by tertiary education and central government, according to Randstad’s 2022 Employer Brand Research, which surveyed 4276 people.
Employers continued to wage a war for talent - one employer is offering a $4000 sign-on bonus for a hard-to-fill role and other bosses were tailoring packages to combat rising inflation.
Randstad New Zealand country director Richard Kennedy said early childhood continued to perform well in terms of desirability.
“It provides flexibility, making it particularly attractive to parents balancing work with family commitments.”
Toi Ohomai Institute of Technology executive director of student and staff experience Patrick Brus said tertiary education was rewarding as it focused on student and community success.
Drake NZ said many people were looking for part-time jobs, including working nights and weekends to secure extra income to combat the rise in the cost of living.
Millions of dollars had been pumped into scientific research projects in Tauranga and Rotorua as part of the Ministry of Business, Innovation and Employment’s 2022 Endeavour Fund.
The Endeavour Fund supports research with the potential to positively transform New Zealand’s economy, environment and society. This year, a total of $236.5m has been allocated to 71 projects out of more than 400 funding applications.
A research project incorporating matauranga Maori to improve the health of coastal reef ecosystems led by a Tauranga professor received $8.8m.
Two research projects at Scion, which has its headquarters in Rotorua, received $1.9m over three years for two research projects.
Scion scientists would also contribute to six collaborative projects - alongside Auckland University, WSP Research NZ Ltd, Manaaki Whenua Landcare Research, Lincoln University, Auckland University of Technology and Massey University - that received a total of $5.75m from the Endeavour Fund.
The successful science projects were announced by Research, Science and Innovation Minister Dr Ayesha Verrall this month.
Top Tauranga marine biologist and University of Waikato professor Chris Battershill was the lead investigator on a project which received $8.8m in funding.
“We are absolutely delighted to be awarded this grant,” he said.
The project - Toka akau toitu Kaitiakitanga - would incorporate matauranga Maori in work that aims to improve the health of the coastal environment and help contribute to reversing the decline of New Zealand’s kelp ecosystems.