Global asset markets continue to consolidate recent moves in the absence of first-tier economic data or other catalysts. Oil prices have continue to rally ahead of the Opec+ meeting on Sunday
Palmerston North city councillors are faced with a long-term budget staff warn they cannot afford. Driving the pressure on the budget, in addition to the overhaul of wastewater treatment and disposal, were the need to replace old infrastructure and budget cuts made to provide Covid-19 relief for ratepayers in the current year. Residents could be faced with a 6.9 per cent rates increase in 2022, rising to a double-digit 12.9 per cent increase in five years’ time. The report to the committee of council meeting from Murphy predicted the council would not be able to borrow enough for the Nature Calls project. The total plan would see the council’s debt rising from about $164m at July 1, to $870m by June 2031.