| | Need to Know | Capital City Wellington | | Tipping Not obligatory | | Electricity 230/240 V | | Weights and Measurements Metric system
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Economy
In the 70s and 80s, the NZ economy was in trouble and by the 80s, NZ was facing a crisis as it had accumulated huge foreign debts, had too many government controls and its traditional market in the UK for agricultural exports had diminished. Then an ambitious program to reform the economy was undertaken by the Labour government under the finance minister Roger Douglas, a program that is now referred to as ‘Rogernomics’. Controls were done away with, financial market was deregulated, restrictions on foreign investment were relaxed and a goods and services tax was introduced, amongst the many measures taken.
Roger Douglas went on with the reforms till the Labour government was sent packing in 1990. The National Party continued with the reforms but did something that the Labor party had shied away from doing. It abolished state funded health insurance, other welfare programs, deregulated the labour market and increased privatisation. By the 1990s, NZ's economy had improved dramatically and its debt had dropped.
NZ has now managed to shift the focus of its trade from the U.K. to the Asia- Pacific region. Australia is NZ biggest trading partner. The others are Asian countries, the US and the UK. Investment by Asian giants like Japan is on the rise especially in real estate.
NZ's economy runs on tourism, agriculture, manufacturing, small-scale industry, and the service industry. Agriculture accounts for 10% of the GDP but uses over 50% of the country's land area. Tourism is being given a boost and the government hopes to double the amount of tourists. NZ's main exports are meat, dairy products, forest products, fruit and vegetables, and wool.
The journey from a welfare state, government involved economy towards a private open market economy has seen governments come and go. Today, the standard of living is high, inflation is low at, the economy growing But all this has been achieved only after major reforms in the past two decades. The downside of the reforms is, of course, the cuts in the welfare system. Once the pride of NZ, the social services are now expensive and in private hands.
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Currency
The New Zealand $ is the currency used and 100 cents equal a dollar. NZ $ are available in denominations of $5, 10,20, 50, 100 in currency notes and coins of 5, 10, 20, 50cents and $1 and 2.
While import and export of currency is allowed and unused dollars can be changed into foreign currency on departure, sums above NZ$ 10,000 will need to be declared on entry or departure by filling up the Border Cash Report.
Costs -How much money you spend in NZ depends on how much you want to live it up. Staying at motels and hotels can be more expensive. But if you want to stay in hostels and motor camps then the cost will come down to a reasonable sum. There are so many campsites, B&Bs, guesthouses, hotels and motels of all ranges that you can always find something to suit your budget.
Travelling usually accounts for the biggest chunk of expenses, especially in a country where you need to fly to cover more than one part. Though NZ appears compact, set aside enough reserves to cover travelling expenses.
To cut down on travelling costs, renting a car is a good option if there's a group of 4-5 people. Just make sure one of you has a valid drivers license. Sightseeing and outdoor activities, some of which may be free, can take up a lot of your budget since the scope is so immense.
The best way to carry money is in the form of Travellers Cheques, which have lower exchange rates than cash. Credit Cards are useful for car rentals and hotels, as long as you don't have to pay an outrageous sum of money to use them in NZ. Getting an ATM card issued by your bank for your trip is a nice idea. If you intend to stay a long time then opening a bank account with an ATM service is a good idea.
ATMs & Credit Cards - Standard credit cards are commonly used and honoured in NZ. For cash you'll need to head to their offices in the main cities. ATM facilities may be available for oversees savings accounts so check with your bank before going and get a pin number.
Exchange money at Banks, Hotels and Bureau de Exchange kiosks at the international airports or in the city centres. Money can be changed at banks that are open daily from 9 a.m. to 4.30 p.m., some are open on Saturdays, and others even on Sundays.
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Business Guide
Office hours are 9am - 5pm and government offices are open from Monday to Friday from 8:30 - 4:30pm. Shops are open from 9am - 5pm Monday to Friday and Saturday's till 12:30, and late night shopping upto 9pm once a week, usually Thursdays or Fridays.
Business protocol and approach veers towards the formal - on the conventional and conservative side. Both en and women business traveller’s would be expected to wear conservative tailored business suits, though don’t be surprised if your Kiwi client turns up in shorts with knee length socks for the formal touch! For the rest, follow standard western business practices – shake hands on meeting, make and keep appointments on time, and carry calling/business cards.
Through Christmas to the end of January is a poor time for business; the best time being the months from February to April and October to November.
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Holiday Packages
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Travel Tools
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