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The US is the bastion of capitalism – and yet it is committing to building a greener, more sustainable future. It has recently done something revolutionary, investing in transforming its economy for the better. Biden’s signature piece of policy, the Inflation Reduction Act of 2022, is a powerful tool for positive change. It provides $500 billion in new spending and tax breaks that will boost the green transition, encourage investment in R&D, and support its manufacturing and agricultural sectors.

A lot of online scams are pretty obvious. Your bank isn’t going to send you emails about your balance expiring soon. And you know the IRD isn’t going to send you a text to transfer your tax rebate. Unfortunately, the types of scams most likely to affect New Zealand businesses are considerably more sophisticated.

Even if your business makes millions, it won't be sustainable in the long-term unless you collect it. Your staff won't get paid, Inland Revenue will be knocking on your door, and your business will quickly fail. Business owners understand this, yet a surprising number do very little cashflow planning. Failing to forecast cashflow and plan ahead can cause even the most profitable businesses to rapidly fall into a death spiral.

Sustainability is a business imperative: Embrace it or fall behind

Included in this year’s budget announcements was a change to the tax rate for trusts, moving from 33% to 39% from 1 April 2024. Given the spotlight on trusts in recent years, the hike has not come as a surprise, however it will come as a shock to many Kiwis.

Exporting your goods or services can have enormous benefits. For the business itself, there’s the increased revenue, plus the growth opportunities and the way it can drive up the business’s value. For our wider economy, it creates jobs, upskills our people, improves our productivity and helps us learn from international markets to improve our own practices.

Watch: Grant Thornton New Zealand Post Budget event 2023

Our industry experts share what they wanted to see delivered in Budget 2023 and how this year's announcement impacted some of New Zealand’s key sectors. Read on to discover where the opportunities and roadblocks lie in this year’s announcement.

Initially touted as a “no frills” budget, this year’s announcement largely lived up to that expectation, with few surprises or major initiatives included.

The Budget is an exercise in resource allocation – trying to divvy out a limited pool of money across an almost endless list of New Zealand’s needs and wants. Nearly infinite demand but restricted resources: it’s the underlying challenge for all economics. But with some creative thinking and ideas, Budget 2023 can deliver meaningful outcomes for people and the planet.

With enormous and inexorable spending commitments barrelling toward us, collecting revenue to cover those costs is a priority for the 2023 Budget. But with an election impending, it needs to keep voters sweet, giving them a sugar hit of positive spending, without any unwelcome tax changes.

Unfortunately, New Zealand’s productivity has been lacklustre since the turn of the millennium. We work longer hours, but achieve less output when compared to the OECD average.

At the moment, the Non for Profit or For Purpose sector (NFP) in New Zealand reminds me of a punch-drunk boxer – a fighter who has taken a heck of a beating in recent years but continues to do good mahi anyway.

General practitioners are under immense pressure – working long hours (often unpaid), facing staff shortages, and experiencing high rates of burnout. Too few young doctors are becoming GPs, leaving the profession facing an exodus as aging practitioners prepare to retire.

With construction company failures dominating the headlines of late, what does this mean for the market? Is it all doom and gloom or will we see some silver linings prevail?

As the likelihood of a recession looms, businesses need to avoid self-fulfilling prophecies about hard economic times to come. Instead, now is the time to make sound decisions about future proofing their operations. Think proactivity, not reactivity; opportunities not crises.