News

The COVID-19 pandemic has led to isolation and loneliness for many, as mental health services around the world struggle to cope with increased rates of anxiety and depression. The insular nature of the virus has seen people look inwards and change the way they interact with the world around them. From exercise routines to home cooking and binge TV, people have been looking for new ways to add joy to their lives in a strange new world. Cycling has enjoyed an unexpected surge during the pandemic, with people riding and fixing bikes for fun, exercise, and therapy.

COVID-19 and associated lockdown measures have seen more than a few records come tumbling down, as median incomes fall for the first time in New Zealand. While those lucky enough to have a job saw relatively healthy wage growth over the June 2020 quarter, there was a sharp rise in underemployment and paid employees with no hours. Different industries and demographics faced unique effects, with younger Kiwis more adversely affected along with people working in retail, hospitality, and accommodation. 

Household spending habits have changed dramatically during the COVID-19 pandemic due to lockdowns and social distancing. While most businesses in Australia and New Zealand are struggling to pay the bills, online retail sales are booming as people migrate from the high street to the virtual shopfront. Online retail sales were up 62.6% for the year in Australia, with online sales also emerging as a big winner in the New Zealand economy. 

The New Zealand property market is faring well during the pandemic, with low housing stock numbers and wider economic support measures helping to buffer house price growth. To make sense of this unexpected positivity, it's important to understand how much the New Zealand housing market is driven by the discrepancy between supply and demand. Even in the current environment with zero migration, record lows in housing stock continue to push prices higher.

The global search for a COVID-19 vaccine is well underway, with research taking place across the world and at least six advanced clinical trials likely by the end of the year. The first human trials began way back in May and the promising Oxford vaccine has already proved an immune response in trial participants. Research and deals into potential vaccine options continues across the world, as a number of conventional and new approaches reach an exciting new phase.