Despite further signs of deterioration in the economy, the Reserve Bank of Australia (RBA) has left the cash rate unchanged that could witness the unemployment rate hit six per cent this week.

The cash rate has been widely tipped by economists and financial markets, being left at a 49-year low of 3.0 per cent following Tuesday's monthly RBA board meeting in Sydney.

In the month of April the central bank reduced rate by 25 basis points, bringing total reductions since September to 425 basis points.

If adhered to the New Zealand Institute of Economic Research latest report, the government's nine-day fortnight scheme may just be an expensive waste.

Today, a discussion document was released by the economic consultancy that focused at the most effective means of dealing with the rising unemployment rate.

The document said international research has shown direct job subsidies to be expensive and tended to be extremely inefficient at creating or retaining actual jobs.
 

New Zealand farmers are quite concerned over commodity prices and global market issues and many of them hold a viewpoint that the agricultural economy would worsen in the next 12 months. A new survey has put forward that there has been a 4% increase to 33% in those who think agricultural economy would worsen in the next 12 months, up from 29% at the last survey.

It was put forward by the New Zealand's Treasury on Monday via a report that it hopes the real GDP to drop nearly 1% in the March quarter. Furthermore, in the first quarter, the demand and output declined again, leading to decreases in capacity utilization and the demand for labor.

It has been predicted that output in significant trading partners of New Zealand weighted by their share of exports is expected to decrease nearly 2.5% this year. 

Wellington-based hosting solutions company iSERVE has been bought by State owned internet service provider Orcon.

New Zealand's second largest specialty hosting business iSERVE and more advanced hosting services would be controlled by Orcon. 

Orcon CEO Scott Bartlett said in a statement, “We have a strong presence in the internet environment but we want to go beyond just broadband and hosting is one area where we believe we can add zing.”

After nearly 20 years of fighting a legal battle, Supermarket Pak 'n Save finally opened its doors in North Shore City.  

The Wairau Rd land was bought in the year 1989 and ever since the company has been waiting to open a store.

In October 2004, it received resource consent, and the building was completed in 2005.
 
However a challenge was made by rival chain Progressive Enterprises to Foodstuffs' resource consent and the result was a prolonged court battle.